Tuesday, January 18, 2022

IPL 2022: BCCI strictly says no to crypto sponsorship deals and betting

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The Board of Control for Cricket in India (BCCI) has stated strictly that there will be  ‘no sponsorship deals with Crypto Currency & betting companies via surrogate measure will be allowed in IPL 2022’. As per reports, an official BCCI said that the Indian Government will move a bill to properly frame rules from cryptocurrencies that stops private digital coin exchanges.

A BCCI official stated: “Yes, we have told the teams & IPL stakeholders that no deals should be weaved in with Cryptocurrency companies. We are also concerned about some of the betting companies advertising via surrogate methods as news platforms or other measures. We will not allow the same in future”

The IPL franchises have received huge interest from crypto exchanges. they planned to be a title or associate sponsors of the teams in the next season of IPL 2022. The Indian cricket board said that till there’s a regulation in the crypto sector, there will be no commercial deal in IPL.

BCCI has sent a notice to the team owners and media rights holders like Star Sports and Disney to prohibit every sponsorship deals with cryptocurrency exchanges.

There’s no doubt it will be a major business loss for the team owners. They were being offered 1.5 times the main sponsorship. The brand wanted to make their public image with IPL and they were ready to pay that amount for it.

Popular brands like Coin DCX, Coin Switch Kuber, WazirX and others have become active in advertising during cricket matches like the T20 World Cup and the concluded tour of India and Sri Lanka. Now, as per the new directive, all these advertisements will not be shown further.

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BCCI has strictly asked Star Sports group and Disney Star network not to show advertisements of cryptocurrencies and Betting companies.

Reserve Bank’s governor Shaktikanta Das has stated concerns and asked for the complete ban of cryptocurrencies since it poses a threat to the county’s economy. The top banks of the country have also taken the initiative to educate people about the side effects of cryptocurrency.

Read more: INDIA vs NEW ZEALAND: 1st Test, DAY 2

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