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With the holiday season in India on the way, cryptocurrency exchanges are looking to seduce retail traders to choose Bitcoin as a gift instead of the tradition choice, gold.
During Ganesh Chaturthi—or Vinayaka Chaturthi, a ten-day festival, held to honor the Hindu god of intelligence, Ganesha, the crypto exchanges are running aggressive marketing campaigns and even giving away crypto.
Co-founder of the popular crypto exchange Unocoin, Sathvik Vishwanath, told the India Times that if they are able to hit the right spot, “Bitcoin and gift vouchers can be an interesting option for users to consider as more awareness activity is expected across the industry.”
The exchange collaborates with e-commerce websites to allow customers to purchase prepaid gift-vouchers vouchers for online shopping using Bitcoin.
Unocoin is not alone in its “celebrations” as rival exchange, WazirX, also announced some further expansion during this festive season and is targeting crypto gift-giving amid the holiday season. The WazirX vice president of marketing, Rajagopal Menon, said that “crypto gifting is a part of our product roadmap.”
The festive moves come at times when regulatory clarity is still lacking in India. Implementation of legislative framework keeps being pushed ahead. Nonetheless, it is in the works and with such a huge crypto-adapted population, it will be hard to imagine India without cryptocurrency.