Bombay, November 27: The Cricket Control Council of India (BCCI) has issued a directive prohibiting IPL teams from entering into business deals with cryptocurrency companies. The decision came after reports on the Cryptocurrency and Official Digital Currency Regulation Bill to be presented in the Winter Session of Parliament by the Indian government.
According to reports, BCCI does not want IPL franchises to enter into a business deal with cryptocurrency exchanges until the Indian government puts regulations in place. Crypto-currency in India: a parliamentary panel discusses crypto-finance; Members favor regulating trade rather than imposing a ban.
Two IPL franchises that requested anonymity revealed that they were in talks with major cryptocurrency exchanges about sponsorship deals before IPL 2022. However, the deals could not be reached because the BCCI published the directive. “It’s a major loss of opportunity. The type of money crypto companies were offering for sponsorship was 1.5 times what current sponsors pay, ”reported HEY citing an executive of an IPL franchise.
According to reports, a few IPL franchises are unhappy with BCCI over its decision to ban sponsorship deals with cryptocurrency exchanges, stating that the International Cricket Council had no issues with crypto players. currency advertising or sponsoring its recent events such as the T20 World Cup.
(The above story first appeared on LatestLY on November 27, 2021 at 10:50 p.m. IST. For more information and updates on Politics, World, Sports, Entertainment, and Lifestyle , connect to our website Latestly.com).