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Indian Law Commission Recognizes Cryptocurrency as an ‘Electronic Payment’: Report

According to a legal report released in July 2018, the country’s lawmakers are considering legalizing the multi-million dollar sports betting industry – naming cryptocurrencies as a legally acceptable payment method akin to credit and debit cards.

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India Explores Cryptocurrencies in Sports Betting

Titled “Lawful Framework: Gambling and Sports Betting incorporating Cricket in India,” the report investigates the utilization of advanced installment instruments, including cryptographic forms of money, as the nation gets ready to authorize the games wagering part.

The report stems after police examinations concerning million-dollar wagering claims amid the famous Indian Premier League (IPL) cricket matches uncovered fan-most loved big names and lawmakers utilized “dark cash” for putting down their wagers, superseding the administration’s boundless, yet inadequate, crackdown on wagering circles.

Interesting, the law commision considered cryptocurrencies as a method of digital payment akin to credit cards, debit cards, and net banking, stating:

“Similar restrictions should also be prescribed for the purpose of the amount one would be allowed to stake while using electronic money facilities of the likes of credit cards, debit cards, net-banking, VCs, etc.”

Citizens Await Cryptocurrency Regulations

Not at all like numerous nations, the Indian government made games wagering, and different types of betting, an unlawful action since the 1800’s. Be that as it may, individuals rushed to utilizing money for putting down their wagers and made a criminal, yet energetic, wagering industry throughout the years.

Nischal Shetty, the originator of shared digital money trade WazirX, told Quartz:

“It is the first time that a body appointed by the government has given recognition to virtual currencies that they have value and can be used for a transaction. Therefore, it is a very positive sign, especially considering the report has come out after a lot of deliberation.”

The much-awaited July regulation on the legality of cryptocurrencies was shifted for September 11, 2018, hearing in the Indian Supreme court,

–Featured image from Shutterstock.–

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