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Indian Law Commission Recognizes Cryptocurrency as an ‘Electronic Payment’

The ecosystem of cryptocurrency in India may have just found its savior, although that savior is an unlikely one.

As per the legal report that was made public in July 2018, the lawmakers of the country have considered making legal the multi-million dollar sports betting industry – declaring cryptocurrencies as a legally acceptable form of payment method much like credit and debit cards.

Titled “Legal Framework: Gambling and Sports Betting including Cricket in India,” the report sheds light onto the usage of digital payment mechanisms, that include cryptocurrencies, as the country moves to make legal the sector of sports betting.

The report grows after police investigations of million-dollar betting accusations that came around during the infamous Indian Premier League (IPL) cricket matches which revealed that many infamous and beloved celebrities and politicians were involved in the use of  “black money” for placing their bets, thus jumping the government’s wide layout, yet still somehow useless, crackdown on betting circles.

Once these short-comings were observed and taken notice of, the judges of the Indian Supreme Court proposed to legalize the sports betting market, while appointing the Lodha Committee to look into this suggestion in much more detail while collaborating with the Board of Control for Cricket India (BCCI).

The committee made clear that there is a fine but clearly distinguishable line between fixing a match and simply betting for fun, and the even though the first one could indefinitely and for sure remain a legal offense, the second one could help in the generation of tax, after legal regulation.

Surprisingly enough, the law commision has taken into consideration cryptocurrencies as a method of digital payment akin to credit cards, debit cards, and net banking, stating:

Unlike many countries, the Indian government made sports betting, and other forms of gambling, an illegal activity since the 1800’s. However, people flocked to using cash for placing their bets and created a criminal, yet vibrant, betting industry over the years.

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