Indian Law Commission Says Let the National Crypto Games Begin
Jul 26, 2018, 9:00AM
The Law Commission of India has validated cryptocurrency as a form of payment for sports gambling, opening a new avenue for crypto adoption.
Legalization of gambling and betting has long been a topic of discussion for Indian governmental committees. The Law Commission of India was assigned by the Supreme Court back in 2016 to research whether betting on cricket should be legalized. July's report from the Commission, titled Legal Framework: Gambling and Sports Betting Including in Cricket in India, finally amounted to a clear opinion on the issue. Among a handle of restrictive characteristics, gambling is expected to be approved, but only with cashless transactions including cryptocurrencies.
Wagering should be restricted to money alone; not in kind. Gambling transactions should be made cashless, making use of electronic means of payment such as credit cards, debit cards, net-banking, Virtual Currencies (VC - also known as Cryptocurrency), etc. / Legal Framework: Gambling and Sports Betting Including in Cricket in India
Digital assets in total have been an extreme point of contention in India. A national ban on "everything crypto" was in line to begin July 5, but that failed after quick reconsideration. The Law Commission now tagging cryptocurrency as a valid form of electronic payment adds even more conflict to any governmental stance.
Review of gambling as a national issue stemmed from the illegal economy that had evolved from previous regulatory sanctions. Similarly, the Reserve Bank of India backed off its suggested ban because a potential reclassification of cryptocurrencies may allow for more proper tracking and regulated trade efforts. Approval of gambling and the validation of cryptocurrency in this arena is an important step towards national adoption of digital assets. There remains a sizeable gap between the current structure and the needed oversight, but any sort of positive progress is valuable to environment optimists.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.
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