Delhi High Court has sent notice to the Central Government, SEBI and others on the issue of advertisement of cryptocurrency. A petition filed in the court has sought issuance of appropriate guidelines/rules against crypto-asset exchanges in India for advertising on national television without proper standardized disclaimers. 

According to media reports, some companies are promising to give free crypto currency of Rs 100 to the initial investors as an offer. The Basel Committee on Banking Supervision has said that cryptocurrencies such as bitcoin pose additional and higher risks for banks and will be subject to a new conservative prudential treatment. Cryptocurrencies are seen as a risk to financial stability, because of their potential for money laundering and price volatility, which can lead to defaults and huge losses for banks. 

The Division Bench of Justice DN Patel and Justice Jyoti Singh on Wednesday sought responses from the Ministry of Information and Broadcasting, SEBI, M/s Wazir X, M/s CoinDCX and M/s Coinswitch Kuber and slated the matter for August.

The plea stated that crypto-assets are inherently riskier than traditional equity investment products in the share market, mutual funds as well as all other forms of financial products offering investment opportunities.
 

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