India’s Law Body Okays Crypto for Sports BettingJul 25, 2018 at 22:57
The law commission of India has recommended cryptocurrency as a mode of payment for sports gambling.
The advisory body bundled virtual currency transacted payments as part of the cashless scheme it is proposing for sports betting, if and when made legal, according to Quartz India.
“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.,” the commission report read.
This stands as the first time a government-run body from the country recognized the legitimacy of crypto-based payments. The logic behind it is that a cashless scheme provided by a virtual exchange, among others, would help the government keep track of funds used for betting.
This is a very positive sign for the Indian crypto ecosystem. Let’s keep the crypto fire burning bright in India. Regulations are coming 💪 #isupportcrypto #cryptocurrency #blockchain https://t.co/9gdakLvgVV
— Nischal (WazirX) (@NischalShetty) July 25, 2018
“… [I]t is a very positive sign, especially considering the report has come out after a lot of deliberation,” Nischal Shetty, founder, and CEO of virtual currency exchange WazirX, was quoted.
The law commission is an executive body tasked to review if sports betting ought to be legalized in India, which has been halted for a long time. Existing laws even seek to imprison those who engage in the activity, a restriction which led to the rise of an underground economy in this sector. As such, the law commission recommended regulating gambling rather than a blanket ban which proved futile.