One of India's most popular reality TV shows, Kaun Banega Crorepati (KBC), the Indian adaptation of 'Who Wants to Be a Millionaire,' gave a significant boost to cryptocurrency awareness during a recent episode. Host Amitabh Bachchan, a legendary actor, asked a contestant about Facebook's Libra and then proceeded to explain the concept of cryptocurrencies to millions of viewers across the country.
The Crypto Question on Prime Time
The contestant, 19-year-old Himanshu Dhuria from Uttar Pradesh, who is training to become a commercial pilot, was posed the question: 'What is Libra, proposed by Facebook?' The options were: artificial intelligence camera, instant messenger app, short video platform, and cryptocurrency. Without using any lifelines, Dhuria correctly identified Libra as a cryptocurrency. The host then elaborated: 'Cryptocurrency is a form of digital and global money system — currency. Bitcoin, litecoin, [and] ripple are some existing cryptocurrencies.'
The Indian crypto community erupted with joy. Nischal Shetty, CEO of local exchange Wazirx, tweeted: 'Millions of Indians now know about crypto thanks to this.' According to local media, KBC is among the most-watched shows in India. In 2017, it attracted 246 million viewers, dropping to 223 million the following year. In September 2017, it was the second most-watched show in the country, per the Indian Broadcast Audience Research Council (BARC).
The show is also culturally significant; the 2008 film Slumdog Millionaire was loosely based on KBC, winning eight Oscars. Host Amitabh Bachchan is a household name in India, known for his career spanning decades as an actor and producer.
Global scrutiny of Facebook's Libra
Facebook unveiled its Libra project in June 2019, aiming to create a global cryptocurrency powered by blockchain through its subsidiary Calibra. The digital wallet was planned to launch in 2020, integrated into Messenger, WhatsApp, and a standalone app. However, the massive scale of Libra sparked intense scrutiny from regulators worldwide. Several U.S. lawmakers voiced concerns, G7 countries held discussions, and some nations accelerated their own central bank digital currency (CBDC) efforts — with China reportedly close to launching a similar digital currency.
India’s former Secretary of the Department of Economic Affairs (DEA), Subhash Chandra Garg, stated at the time that the design of Libra was not fully explained, but 'it would be a private cryptocurrency and that’s not something we have been comfortable with.' Garg led an interministerial committee (IMC) that studied cryptocurrencies and produced a draft bill titled 'Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019,' which was submitted to the Finance Ministry. The government later informed the Supreme Court that the bill could be introduced in the next parliamentary session.
Positive developments in Indian crypto policy
Despite the looming ban, the Indian crypto community has been actively lobbying for sensible regulation. Key industry bodies like the Internet and Mobile Association of India (IAMAI) and the National Association of Software and Services Companies (Nasscom) have opposed a blanket ban. The IAMAI also filed a writ petition in the Supreme Court challenging the Reserve Bank of India (RBI) circular from April 2018 that barred banks from serving crypto businesses.
In August 2019, the DEA steering committee submitted a fintech report that viewed cryptocurrencies positively, stating: 'The use of digital tokens resolves the issue of multiple currencies, improves liquidity and capital compliance costs, allows for micro-payments and expedites the payment process, which further eliminates liquidity risks.' It added that blockchain and initial coin offerings (ICOs) are 'revolutionizing the global fintech landscape.'
The Supreme Court was scheduled to resume hearings on the RBI banking ban on September 25, 2019, and ordered the RBI to respond to IAMAI’s representation detailing measures exchanges could implement (e.g., KYC/AML). Meanwhile, the broader case on crypto policies was moved to late January.
This unexpected prime-time exposure to cryptocurrencies through a beloved TV show marks a pivotal moment for crypto education in India. As Shetty noted, millions of Indians now have a basic understanding of what cryptocurrencies are, which could help shift public opinion and policy in the long run.