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Indian Lawmakers accepts Cryptocurrency as Legalized Payment Method

Pooja
Pooja

Perhaps after a very long time, Indian crypto space got good news about cryptocurrency acceptance but with its own caveats. As per a legal report of July 2018, the popular sports betting industry, Indian Premier League will now accept cryptocurrency as a legalized Payment method.

The detailed report by Indian Government discusses on provisions made for cryptocurrency usage in a legalized form for sports industry especially the nation’s favorite game Cricket.

The sports gambling world in the country were reportedly making use of cryptocurrency for placing bets in an illegal way. Although there were many investigations done in this regard, the police were ineffective in cracking down all the betting circles due to the decentralized nature of virtual currency.

In the purview of this, the Indian Supreme Court made a proposition to legalize the sports betting market and formed Lodha committee to explore the suggestion

Interestingly the report highlights the fact that,

“The commission realised that there is a close association of gambling with betting and both are intertwined”

Eventually, lawmakers came with up resolution of making cryptocurrencies as form a digital payment system similar to credit cards, debit cards, net banking and mentioned that,

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.,”

Regulating Cryptocurrency in Other Sectors

Although Indian government regulated cryptocurrency as a legalized payment method in the sports industry, the crypto community in the country especially crypto exchanges awaits for further developments and regulations to be made.

Also, Nischal Shetty, the founder of P2P cryptocurrency exchange WazirX stated that,

“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”

Recently we have heard of the supreme court of India imposing ban on cryptocurrency usage in the country. It remains to be seen whether this news will have an impact on final verdict to be heard on September 11, 2018.

What do you think of this decision by Indian Government? Let us know your thoughts in the comment section below.

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Pooja

Lead writer at Wolfcone.com and avid reader. My interests lie in everything and anything related to technology. I firmly believe cryptocurrency has the power to revolutionize world economy and blockc