In India, social media influencers are hawking cryptocurrencies – and it’s troubling

In India, cryptocurrencies are being marketed like hair oil, shampoo and soap.

Over the last year, several cryptocurrency exchanges in India have tied up with celebrities from social media, sports and Bollywood to market cryptocurrency investments on the internet. These campaigns, which have mostly been run by local cryptocurrency exchanges like CoinDCX and CoinSwitch Kuber, often have celebrities talking about financial literacy and encouraging youngsters to invest in the alternative asset class. At times, these promotions go a step further and offer coupons that can be exchanged for cryptocurrencies.

Some of the celebrities who have promoted cryptocurrencies on Instagram, YouTube and Twitter include standup comics Tanmay Bhat, Samay Raina and Aishwarya Mohanraj, Bollywood actors Radhika Apte, Kunaal Roy Kapur and Manoj Bajpayee, YouTube sensation Ashish Chanchlani, internet content creators Kusha Kapila and Dolly Singh, vlogger Vishnu Kaushal, TV host Danish Sait, cricketers Ishant Sharma and Dinesh Karthik and poet Priya Malik.

“Social media acts as a way to trust the company,” Nischal Shetty, founder of Mumbai-headquartered exchange WazirX had told The Economic Times in December. “In India, the industry is not regulated yet. The trust factor is important. Back in 2017, there were a lot of crypto scams and we did not have a crypto community. Today, no one will trust a brand-new website if…

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