IPL or Indian Premier League has been banned from participating in crypto-related deals and associating with cryptocurrency-based businesses or exchanges. This order came from the Board of Control for Cricket in India (BCCI) which is the authority governing the sport.
According to a report by ET, the teams are upset with the decision made by BCCI, missing out on lucrative opportunities. The franchises have garnered a lot of interest from cryptocurrency exchanges in the country for partnerships ahead of the upcoming T20 season.
Some of the IPL teams had entered into negotiations and were told to put proceedings on hold until government regulations on cryptocurrencies were clear after the winter session of Parliament in which the bill on cryptography should be presented.
IPL sees the decision as a ‘major loss’
While the BCCI has completely banned IPL teams from signing deals with crypto exchanges, the International Cricket Council has no problem with the same, and it has angered many franchises.
“It’s a major loss of opportunity. The kind of money they offered for the main sponsor was 1.5 times what the current sponsor pays. They wanted to build their brand with our association and were willing to pay for it.
says a frame
Investors and businesses are currently confused over the Cryptocurrency Bill, which will hit the floors of Parliament this winter session. Sources said the bill talks about banning “private cryptocurrencies.”
India has the largest number of cryptocurrency investors (over 100 million) and a large number of cricket fans. Taking advantage of this, the two major cryptocurrency exchanges in the country were to sign an INR 50 crore deal with the ICC for ad slots.
This is not the first time that cryptocurrency exchanges have come under scrutiny in the country. A PIL has been filed with the Delhi High Court to ban the publicity of the exchanges accused of misleading the public. Although the advertisements were not banned, the Court made it mandatory for exchanges to add disclaimers in their advertisements.