India’s Crypto Landscape: Growth Amid Regulatory Silence
India’s digital economy is rapidly evolving, with cryptocurrency gaining significant attention. Crypto exchanges are investing heavily in ads, signing celebrities, and securing prime media spots. However, the government, which taxes crypto earnings, still avoids officially defining cryptocurrencies.
This creates a clear contradiction. Regulators exclude crypto from formal discussions, while exchanges promote digital assets as the future of finance.
Crypto Advertising Surges Despite Regulatory Ambiguity
At the 2025 Global Fintech Fest in Mumbai, speakers were instructed not to mention crypto or stablecoins. This ban highlighted India’s reluctance to publicly engage with crypto, despite having one of the largest user bases globally.
The Reserve Bank of India (RBI) is focused on its Central Bank Digital Currency (CBDC), the e-rupee, emphasizing safety and stability. RBI Deputy Governor T. Rabi Sankar recently explained the cautious approach to CBDC development. Meanwhile, private cryptocurrencies remain visible and taxable but lack clear regulatory status.
Crypto exchanges continue aggressive marketing. In late 2024, CoinDCX launched the “Learn Karo, Crypto Karo” campaign featuring cricket coach Gautam Gambhir. The ads portrayed crypto as modern and safe, gaining credibility through Gambhir’s endorsement.
In August 2025, Gambhir posted a crypto promotion without disclosing it was paid advertising. This sparked backlash on social media, raising concerns about ethics and transparency in crypto marketing. Unlike traditional finance products, crypto ads in India lack formal disclosure rules.
October 2025 saw CoinSwitch place a full-page Bitcoin ad on The Times of India’s front page, equating Bitcoin with gold. Global exchange Bybit also began subtle promotions inside the Swiggy food delivery app, increasing crypto’s everyday visibility.
Regulatory Freeze and Dual Financial Realities
Despite growing crypto promotion, India’s regulatory stance remains cautious. Finance Minister Nirmala Sitharaman has called for global stablecoin coordination but has not clarified India’s position. A comprehensive crypto framework has been delayed amid concerns over risks and misuse.
The Bombay Stock Exchange recently blocked a blockchain unit launch due to regulatory uncertainty. New rules like mandatory cybersecurity audits show recognition of crypto firms without full legitimacy.
India faces two financial realities: the state-backed e-rupee promoting control and traceability, and a decentralized crypto market growing through apps and ads. This duality confuses the public, who pay 30% tax on crypto gains despite unclear policy.
The mixed messages pose risks. Celebrity endorsements and widespread ads suggest safety, but no legal protections exist. The debate over disclosure highlights a gap between public perception and government policy.
International players like Coinbase remain cautious, reflecting India’s uncertain crypto environment. The RBI welcomes digital currency only under strict control, while private crypto firms thrive on public visibility without official approval.
India’s crypto story is one of contradiction: a government taxing crypto but avoiding open discussion, celebrities promoting unregulated assets, and millions of users navigating uncertainty. Until clear regulation emerges, crypto in India will continue to exist in two conflicting worlds.
