Indian authorities prohibit encrypted advertising and sponsorship in women’s cricket league

It is reported that the Indian Cricket Management Council (BCCI) sent a 68-page consultation report to the Women’s Super League team, detailing the activities that cannot be publicized. In this document, the content of the gambling and tobacco industry mentioned cryptocurrency: “No franchisee shall establish any partnership or form any association with any entity or related entity directly or indirectly participating in/operating the cryptocurrency industry in any way.” (Cointegraph)

Interpretation of this information:

The Indian Cricket Management Council (BCCI) has recently sent a 68-page consultation report to the Women’s Super League team, outlining various activities that are prohibited. Amongst the activities that cannot be publicized, the report mentioned gambling and the tobacco industry. Furthermore, the document highlighted cryptocurrency and stated that no franchisee should establish a partnership or form any association with any entity or related entity that is involved in the cryptocurrency industry in any way.

The prohibition of cryptocurrency partnerships by the BCCI is not surprising, given that the Indian government has been taking a tough stance on virtual currencies. In April, the Reserve Bank of India (RBI) banned all regulated financial institutions from providing services to businesses dealing with cryptocurrencies. This move has had a significant impact on the cryptocurrency market in India, with numerous startups shutting down due to the lack of access to banking services.

The BCCI’s warnings about the cryptocurrency industry could be a sign that the Indian government is not going to reverse its stance on virtual currencies anytime soon. It is notable that the report did not just prohibit involvement in ICOs, but all entities directly or indirectly participating in the cryptocurrency industry. This suggests that the BCCI has a broader concern about digital currencies, beyond just initial coin offerings.

This move is significant, as it is one of the first times that a major sports organization has taken a position on cryptocurrency. It could set a precedent for other teams and sports organizations around the world to take similar steps to distance themselves from this emerging technology.

Overall, it appears that the BCCI is trying to safeguard the Women’s Super League team from any legal or reputational risks that could arise from being associated with the cryptocurrency industry. It remains to be seen how this move will be received by the players, fans and sponsors of the Women’s Super League team.