Floki Inu, a meme token, has partnered with the most followed football club in India, the Kerala Blasters FC. Inspired by Elon Musk’s Shiba Inu token, FLOKI has also been a favorite of many meme coin investors. The meme coin took to Twitter to announce this new partnership.
India has the biggest amount of cryptocurrency investors (more than 100 million), and Floki Inu wants to grasp the optimal environment to its benefit.
Floki Inu to be Kerala Blasters’ sponsor
The partnership, which takes effect immediately, will have FLOKI be Kerala Blasters’ sleeve sponsor for the upcoming season of the Indian Super League (ISL).
As per the statement, the meme coin is ready to take over the Indian crypto market with the help of India’s most-followed football club. In the entire Hero Indian Super League 2021-2022, the logo of the meme coin will be visible on the right sleeve of the club’s jersey.
Currently, the Twitter handle of the football club has 1.8 million followers, while the Instagram account has more than $2 million followers.
India to ban crypto-related ads?
According to a recent discussion headed by the Prime Minister of India, Narendra Modi, the country is looking forward to stopping crypto frauds in its shoes. The government is looking for ways to track such tokens, and one such method is banning their promotion in the country. The Floki Inu promotion might get caught amidst the regulatory storm.
Furthermore, in his first public statement, the Prime Minister also said that cryptocurrencies influence the Indian youth and that it is necessary to tax and regulate cryptocurrencies. India is also looking to ban private coins, and only approved coins will be eligible for trading on exchanges. Although Floki Inu is a decentralized token, considering its meme coin status, the future of the currency in India remains unclear.
Holding other tokens would be equivalent to breaking the law. The Securities and Exchange Board (SEBI) will be looking after the regulation and taxation of cryptocurrencies. However, the country might impose as much as 40% crypto tax.