The decision of the Board of Control for India (BCCI) to prohibit any transactions with cryptocurrency exchanges has angered a few Indian Premier League (IPL) teams. The IPL franchises had approached large crypto exchanges for title and associate sponsorships, and talks were in the works. The BCCI, on the other hand, was certain that it would not negotiate a contract with cryptocurrency companies until the sector’s regulations were in place. According to reports, the world’s richest cricket board has instructed Star & Disney India, the owners and media rights holders, to avoid negotiating any partnerships with cryptocurrency exchanges.

The BCCI has angered the IPL franchises. Two IPL franchises, speaking on the condition of anonymity, stated they were unable to carry out the plans and so missed out on a lucrative opportunity. “It’s a huge missed opportunity. They were proposing 1.5 times the amount that the present sponsor is paying for the main sponsorship. The Economic Times quoted one executive as saying, “They wanted to build their brand with our association and were willing to pay for it.”

The franchises are upset because the ICC didn’t have any problems with bitcoin companies sponsoring or advertising. CoinSwitch, CoinDCX, and Kuber have spent more than INR 50 crores on sponsorship deals for the T20 World Cup in Oman and the United Arab Emirates in 2021. For the time being, there are no cryptocurrency restrictions. The authenticity of the same has raised red flags among experts. Meanwhile, according to a BCCI insider, the difficulties surrounding cryptocurrency are more political in nature.

“While members of the IPL governing council may not object to cryptocurrency exchanges advertising, it is a matter of optics”, the son of the union home minister, BCCI secretary Jay Shah, is working on a crypto bill that would be introduced in the upcoming winter session of parliament. Until there is more clarification, he may not accept crypto ads. “As a result, the board will err on the side of caution,” a BCCI insider added.