Wednesday, May 22, 2024

Kaun Banega Crorepati Exposes Millions of Indians to Cryptocurrency

Kaun Banega Crorepati (KBC) is India’s version of ‘Who Wants to Be a Millionaire.’ It is hosted by Bollywood superstar and acting legend Mr. Amitabh Bachchan. The show airs on Sony TV daily from Monday to Friday. The season 11 of KBC is in the news lately for no other reason but the fact that it came up with a question for a contestant related to cryptocurrency. It is known that India has enacted an almost absolute ban on cryptocurrencies. So it was quite a surprise for everybody.

During Monday’s episode, millions of people watching the show came to know about cryptocurrency when Amitabh Bachchan asked Himanshu Dhuria, a 19-year-old contestant, question-related to cryptocurrency.

“What is the Libra proposed by Facebook?” This was the question followed by four options – cryptocurrency, short video platform, instant messenger app, and artificial intelligence camera. It was a question for INR 40,000 ($558), for which Himanshu gave the correct answer. And guess what the correct answer was – cryptocurrency.

Himanshu is a resident of Uttar Pradesh who is undergoing training to be a commercial pilot. Without using any of his lifelines, he answered the question correctly. He answered that Libra was a cryptocurrency proposed by Facebook.

It was the right answer, and Mr. Bachchan advanced to explain what cryptocurrencies are. He explained that cryptocurrency is a digital currency and a global money system. Some of the existing cryptocurrencies include ripple, litecoin, and Bitcoin, the host added.

The Indian cryptocurrency community is delighted with the fact that millions of Indians have now been exposed to cryptocurrency, tweeted Nischal Shetty, who is the CEO of Wazirx, a local crypto exchange. He was glad that millions of Indians now know about cryptocurrency, thanks to Kaun Banega Crorepati.

With this, millions of people, whether it is man, woman, or children, know about cryptocurrency or at least now have heard of it. Cryptocurrency is still nascent to the Indian financial sector with the Indian Government not regulating the use of digital currency. It is not regulated in India, and there is case related to cryptocurrency fraud going on in the Supreme Court of India. The Government of India is still looking into it and is working on either banning it or regulating it.

Read: Bangalore-based MP Rajeev Discusses About The Safe Regulations of Cryptocurrency in Indian Markets

What is Facebook’s Libra?

In May 2018, Facebook revealed that it is establishing a blockchain division. While it got a chilly response from the regulators, politicians, and non-profits are expressing concerns about the social network’s ambitious project. Calibra, their newly formed subsidiary, will provide financial services to people through its Libra network. Calibra will introduce a digital wallet for Libra cryptocurrency, which is powered by blockchain technology. According to Facebook, the digital wallet will be made available as a standalone app and also in Whatsapp and Facebook Messenger.

The bottom line Kaun Banega Crorepati, over the last two decades, has been educating people, giving them opportunities to win big based on their knowledge. Crypto enthusiasts are optimistic regarding the fact that recent exposure to cryptocurrency will make Indian investors curious.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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