What has this to do with the crypto-Economy with sports betting? India is currently examining a possible legalization of the betting business and could help Bitcoin & co. by the way for legal acceptance as a means of payment.
The law Commission, set up by the government Advisory body, shall, after judicial request, whether one should legalise betting in India. The now published report is a positive Surprise for all the crypto-Interested. The Commission, in this context, crypto-currencies with a legally accepted means of payment.
Regulation instead of prohibition – for the purpose of betting and for crypto-currencies
The criminalisation of sports betting doesn’t stop Indian bookmaker and betting fun from gambling. After it came to 2013 in the context of a Cricket tournament, the Indian Premier League (IPL) betting scandal due to collusion, went on and on the debate around a possible legalization in the country. It criticized the complete ban on violent, as it has enabled the betting business a successful existence in the shadow economy. According to Tuhina Joshi, an employee of the law firm of TRA Law, which represents several exchanges emphasized:
“The law Commission recommends that the regulation of gambling is a direct prohibition is preferable. This is the same Argument, we have currencies in connection with Crypto.“
State Institution for the first time recognises the value of crypto-currencies
This ability to regulate must, however, first go ahead an Overview of the funds. Yet the Commission could find that crypto currencies have made the Online gambling anyway easier, because the transactions are difficult to track. Nevertheless, they recommend in your report that you submitted at the beginning of this month, the Supreme court in India:
“Gambling transactions should be made on a cashless basis, by electronic means of payment such as credit cards, debit cards, Net-Banking or crypto-currencies will be used.”
How the Indian news platform Quartz reported, is the founder and CEO of the Indian crypto exchange WazirX, Nischal Shetty, of this statement. In particular, since the decision was preceded by an intensive engagement with the topic, is this Statement a decisive weight:
“It is the first Time that a government-appointed body virtual currencies allocated to the recognition that they have value and a transaction can be used.”
The High court, defenders of Delhi, Mohammed Danish, is the statement by the Commission is convinced. It was so noteworthy, because the Commission has used the recommendation section of your report. Danish is also an expert on regulation in Crypto Kanoon, a platform which deals with regulatory analysis, and the legal awareness of digital currencies in India.
In fact, this recommendation for the use of crypto-currencies of a state Institution is remarkable, since the Indian Finance Minister held at the beginning of the year to want Bitcoin is not legal tender to accept.