India’s law reform committee accepts cryptocurrency as a valid mode of payment
India’s embattled cryptocurrency scheme might have simply got a lifeline from another contentious debate: whether or not or to not legitimate sports gambling within the country.
The law commission of Bharat, that has been finding out the practicableness of sports gambling, has clubbed virtual currency with alternative lawfully accepted modes of payments. These ways used for subsiding on-line transactions also can be used for reckoning on sports if and once created legal, it said.
“Gambling transactions ought to be created cashless, creating use of electronic means that of payment like credit cards, debit cards, net-banking, virtual currencies (VC, or cryptocurrency), etc.,” the commission had suggested in its report submitted to the supreme court of Bharat earlier this month (pdf).
The law commission is associate govt consultive body established by the govt and was asked by the apex court in Gregorian calendar month 2016 to look at if gambling have to be compelled to be legalised in Bharat.
“It is that the 1st time that a body appointed by the govt has given recognition to virtual currencies that they need worth and may be used for a group action,” Nischal Shetty, founder and business executive of virtual currency exchange WazirX, told Quartz. “Therefore, it's a really positive sign, particularly considering the report has take off when heaps of deliberation.”
The cricket affiliation
Sports gambling itself has been debated within the country for years, provided that criminalising it hasn’t acted as a deterrent. A blanket ban on gambling has solely motor-assisted wicked activities and therefore the underground economy.
The debate close sports gambling intense with the 2013 match-fixing scandal related to the Indian Premier League (IPL) cricket tournament, the country’s most-watched sport event. within the wake of the scandal, many high-profile arrests, as well as those of cricketers S Sreesanth, Ajit Chandila, and Ankeet Chavan, were created in reference to ineligible gambling and collusion with bookies.
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