The expectation is simple: “Kuch to badlega (something will change)”. The message is clear: invest in cryptocurrency for a better future. If the change is for worse, why would anyone invest anyway? The set is also rural, almost like the majority of India: a garage/mechanic shop. The actors are like your next-door neighbours, and predominantly male. The language is simple too, anyone can grasp it.
But the implications? Let’s see.
During the just-concluded International Cricket Council (ICC) Men’s T20 World Cup and 13th season of Indian Premier League, there were a lot of advertisements on finance-related products, the majority of them were regarding trading in stocks or cryptocurrencies or mutual funds.
CoinSwitch Kuber’s, CoinDCX’s and Bitbns’s were/are those advertisements. All these platforms function as cryptocurrency exchanges. Their advertisements (see here, here and here) which were aired (Bitbns has paused its advertisements) and are being aired on platforms like Hotstar and YouTube are very catchy. They are inviting you to invest in cryptocurrency.
But do you know what are cryptocurrencies? If CoinDCX’s advertisement is to be believed, it is simple. The tagline of the advertisement is “Simple hai, Safe hai, Future yahi hai (it is simple, it is safe and it is the future)”.
However, are these advertisements legal?
Unlike the cloud of uncertainty surrounding the legality of cryptocurrencies in India, answering the question on the legality of the advertisements might not be that difficult.
It is my hypothesis that the advertisements of these three cryptocurrency exchanges are not legal.
Misleading advertisements
Section 2.28 of the Consumer Protection Act 2019 (hereafter Act) defines “misleading advertisement”. It says that “misleading advertisement” in relation to any product or service, means an advertisement, which –
(i) falsely describes such product or service; or
(ii) gives a false guarantee to, or is likely to mislead the…
