The Indian Law Commission recognizes cryptocurrency as a means of payment
India has strict regulations on cryptocurrencies, but remains open. According to the report, the Indian legislature is considering legalizing the sports betting industry and recognizing cryptocurrency payment methods.
Although still awkward, India's cryptocurrency ecology may be alive.
As India prepares to legalize the sports betting industry, the report entitled “Legal framework: gambling and sports betting including Indian cricket” explores the use of digital payment mechanisms, including cryptocurrencies.
The report stems from police investigating millions of dollar betting allegations during the Indian Super League (IPL) cricket match. The survey found that many celebrities and politicians used "money money" to bet, and the government did not do much despite the crackdown.
After noticing this phenomenon, the Supreme Court of India proposed to legalize the sports betting market and designated the Lodha Committee to cooperate with the Indian Cricket Control Committee (BCCI) to further explore this proposal.
The committee said that there are subtle boundaries between the fake ball and the entertainment bet, the former undoubtedly infringes the law, while the latter can be used as a means of generating taxes after legal supervision.
Since the 19th century, the Indian government has regarded sports betting and other forms of gambling as illegal activities. However, over the years, people have flocked to the gaming industry to use cash for betting, thereby making the illegal gaming industry alive.
Nischal Shetty, founder of WazirX, a peer-to-peer cryptocurrency exchange, said in an interview with Quartz: “This is the first time a government-appointed institution has recognized that cryptocurrencies are valuable and available for trading. Therefore, this is a very positive sign, especially considering The report was published after careful consideration."
After the Indian central bank began to crack down on cryptocurrencies, cryptocurrency enthusiasts are waiting for the industry to continue to develop and the government's legal supervision. While peer-to-peer exchanges like WazirX and Koinex Loop can be cashed out, they cannot be withdrawn directly from cryptocurrency exchanges. India's most popular cryptocurrency, Ethereum, is the second most popular cryptocurrency.
CCN has reported that the long-awaited legality of cryptocurrency in July will be heard by the Supreme Court of India on September 11, 2018.