To celebrate the holiday season in India, cryptocurrency exchanges are looking to lure retail traders by launching aggressive marketing campaigns and giving away crypto.

For this twelvemonth'south Hindu holiday season, which kicked off on Sept. 10, crypto exchanges are encouraging citizens to choose Bitcoin as a gift instead of their traditional choice this fourth dimension of year — gilded.

Sathvik Vishwanath, the co-founder of the popular crypto exchange Unocoin, told the Economic Times that if approached correct, "Bitcoin and gift vouchers can exist an interesting option for users to consider as more sensation activity is expected across the manufacture."

The exchange has linked upwardly with eastward-commerce websites to enable customers to buy prepaid gift vouchers for online shopping using Bitcoin.

Rival exchange, WazirX, which has a number of production launches scheduled for this month, is also targeting crypto gift-giving amid the holiday season

"Crypto gifting is a role of our product roadmap," stated Rajagopal Menon, vice president of marketing at the exchange. WazirX grew its team from 50 to more than 200 employees this year, noting plans for further expansion during the festive season.

The marketing moves come at a time when regulatory clarity is even so lacking in India as lawmakers go along to procrastinate on implementing legislation. In that location could be some light at the end of the tunnel, nonetheless, as new legislation is in the works.

Related: Indian regime is rethinking crypto ban

Speaking at a virtual blockchain summit last week, the chairman of Republic of india'south Parliamentary Continuing Committee on Finance, Jayant Sinha, said that the upcoming crypto regulations will not be like those in El Salvador, but will be dominated past concerns of national security, striving to residual stability and growth.

Sinha also aired concerns about the misuse of crypto assets for money laundering and terrorism financing.

The former deputy governor of the Reserve Bank of Republic of india, Rama Gandhi, spoke at the same result, urging lawmakers to provide clarity regarding the asset class. He as well stated that cryptocurrencies should be treated as assets or bolt and not as currencies.