While the cryptocurrency trading platforms await the legislative decision from the Reserve Bank of India, a government body has submitted a proposal to introduce the crypto payment method within the gambling services in India.
What a promising week for Bitcoin! The famous cryptocurrency begins to slowly recover its value, reaching over $ 8,000 these days. In addition to the market dominance of BTC, Quartz India has another reason for joy – the crypto assets could soon become accepted as a payment method in India, at least in the gambling industry.
If you think India avoids interacting with cryptocurrencies, you should look at their gambling sector. You need to know that sports betting is illegal in India. Even so, individuals have found alternatives “around” the legislation in force.
Illegal operations could cease if the country’s regulatory body would persuade the government to accept sports betting and allow players to invest in cryptocurrency.
“Gambling transactions should be made cashless, making use of electronic means of payment such as credit cards, debit cards, net-banking, virtual currencies (VC, or cryptocurrency), etc,” cites a statement from the commission.
Their recommendation has been filed with the Supreme Court of India for consideration.
“If banking is something the exchanges are not allowed to do, then the solution is something that direct banking doesn’t come in,” Nischal Shetty, founder, and CEO of exchange WazirX exchange claimed this year.
Shetty’s reference was linked to the Reserve Bank of India’s (RBI). The financial body banned any bank in India from operating with cryptocurrency. There is still hope, as several appeals were filed against the interdiction. To find out the verdict, crypto traders and fans based in India will have to wait until September.
“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,” Shetty claimed.
Tuhina Joshi, a representative of Telecom Regulatory Authority of India, shared this:
“The law commission recommends that regulating gambling is preferable to an outright ban. This is the same argument we are making in [the] context of cryptocurrencies.”
Legalizing gambling in India would mean a revolutionary change for the national ecosystem and a step forward towards considering cryptocurrencies as a vital method of payment in the country.