Leading Indian cryptocurrency exchange Bitbns has recently announced that it will award crypto SIPs to the Indian medalists at the 2020 Tokyo Olympics. The medalists will be entitled to open cryptocurrency SIPs worth lakhs on the exchange.
In a recent Twitter post, the company announced that it will issue SIP worth over $2,700 for Olympic gold medalists, $1,350 for silver medalists, and $675 for bronze medalists.
Gaurav Dahake, CEO of Bitbns said in a statement:
“As India celebrates its 100-year journey with the biggest global sporting event, Bitbns is proud to associate and play its bit in honoring the Indian Olympic champions. Indian athletes winning medals at the Olympics are not just fulling their dreams but the dreams of billions of Indians while making the country proud on a global platform. I would like to convey my heartiest congratulations to Mirabai Chanu and P.V. Sindhu for bringing
home the medals.”
“Bitcoins and Ethereum have been the best-performing assets in the last decade, and have given exceptional returns and we aim to get our winner indulge in this rewarding journey. Our Olympians are the personification of sheer grit, valour and commitment and the sense of pride they gift us is immeasurable. This is a small gesture from us to gratify them in our own way.”
As soon as the amount would be transferred to the athletes’ account they can invest in cryptocurrencies such as Bitcoin and Ethereum.
As of yet, the athletes to be awarded the SIPs are Weightlifter Mirabai Chanu who won the silver medal in the recent Tokyo Olympics and Badminton player PV Sindhu who won the bronze medal. She became the first Indian woman with two individual Olympic medals.
Crypto regulatory policy in India
Policies related to cryptocurrencies have not yet been defined by the financial authorities of India. According to Bloomberg reports, India has around 15 million traders who have invested as many as $40 billion over the past year.