“Legal Framework: Gambling and Sports Betting including Cricket in India”, calls for a re-examination of the legality of sports betting, and suggests that cryptocurrency might serve as a viable alternative to cash for online wagers.
Read More: Law Commission of India Believes Cryptocurrency is As Good As Other Electronic Means of Payment!
An excerpt from the report reads:
“The recommendation made by the committee that betting should be legalized by law, involves the enactment of a Law which is a matter that may be examined by the Law Commission and the Government for such actions as it may consider necessary in the facts and circumstances of the case.”
To combat illegal gambling, however, the document suggests a 180-degree turn: regulate it. According to the report, regulation could help “ensure detection of fraud and … create transparency.”
Part of this suggested regulatory framework would be a transition to a “cashless” wagering system that relied upon “electronic means of payment,” such as credit cards, debit cards, and even cryptocurrencies. The electronic payment system would be coupled with strict laws to help prevent money laundering.
Regulating cryptocurrencies could be positive for Indian crypto enthusiasts, as the Reserve Bank of India earlier this year ordered local financial institutions to bring their banking relationships with cryptocurrency-related businesses to an end.
In July, the country’s Supreme Court backed its decision, effectively banning crypto activity. A petition to reverse the move got over 22,000 signatures, but the ban went forward, dealing a big blow to the country’s crypto scene.
Despite these developments, the Reserve Bank of India recently pushed the Supreme Court for regulations on cryptocurrencies. It reasoned these are necessary as cryptocurrencies encourage “illegal transactions”.
The crypto community had expected to hear the court’s decision on the subject of cryptocurrency this month. However, they will now have to wait until September 11 at the earliest.
(Source: QUARTZ)
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