Advertising is predicted to take over the twenty-first century in a strange way. Even if one disagrees with such statements, the truth stands. Celebrities have mostly become inherent champions of blitzkrieg brand and product marketing.
If this is the case, then virtual currency advertising is probably one of the most potent and divisive products in recent memory. In fact, this cannot be an exemption.
Consequences
Various celebrities were spotted advocating and pushing crypto money. On top of that, their presence is rising. However, in light of recent developments, such an act comes with its own set of problems.
It’s no surprise that cryptocurrency’s most appealing feature is its promise of a spectacular and invincible value increase. Such the interest of investors’ declaration is bound to pique. This is particular to prospective ones.
For detractors, it raises the serious moral concern of ‘misleading’ investors by concealing data regarding cryptocurrency’s sometimes inflated and fake value. This complicates matters even further by raising a plethora of new legal questions. American reality television star Kim Kardashian has found herself in hot water after advocating Bitcoin (BTC). She disclosed it as a big sum of money. This is because of her actions. Another well-known boxer, Floyd Mayweather, is the target of a similar lawsuit.
Celebrity Act
Celebrities in India who have backed cryptocurrencies include Vir Das, Manoj Vanpayeer, Disha Patani, Anupam Kher, Kunal Roy Kapur, Virendra Sehwag, and Ishant Sharma. They aren’t the only ones. The potential saving grace in India is that the country has yet to create specific rules for cryptocurrency promotion. Nevertheless, this does not prevent consumers from filing grievances under the Central Consumer Protection Act (2019).
The Act provides for monetary penalties ranging from Rs. 10 to Rs. 50 lakh (approximately USD 13,437.16 to USD 67,212.70), as well as an advertising ban of one to three years.
The clamor for more stringent sanctions for cryptocurrency promotion is growing in India and around the world. If you’re an advertiser, you need to have accurate and reliable information. Especially on the products or services, you’re promoting. Regardless of whether you’re an individual or a corporation.
Celebrities have a high level of public trust. Both sides have a responsibility to do. They are likely to take the lead. Also, propel things forward.
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