фото показано с : blokt.com

Sports betting and Bitcoin — when the two terms come together, you wouldn’t expect a revolution. However, in India, Bitcoin’s future as a legal tender could depend heavily on the sports betting industry, which remains effortlessly present but equally hidden. As the country is debating whether or not to legalize sports betting, they may open doors to the adoption of cryptocurrency as a legal currency. For a market that was plagued by the Supreme Court’s rulings against providing banking services to crypto businesses, this is promising news.

The law commission of India has been studying the feasibility of sports gambling in the country. While looking at different aspects of the industry, it also clubbed cryptocurrency under legally accepted modes of payment. Now that the option has been added, it can be used to legally make sports bets if the government declares it legal.

In a report submitted to the Supreme Court of India earlier this month, the commission said:

“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 government established the commission as an executive advisory body. In July 2016, it was asked to investigate whether sports betting should be legalized in the country.

Crypto trading platform WazirX’s founder and CEO Nischal Shetty said:

“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 deliiberation.”

The betting industry could be moving ahead because of its connection with the Indian Premier League (IPL). One of the most extravagant sporting events in the country, the IPL first sparked controversy in 2013 in a match-fixing scandal. Several high-profile cricketers, including S Sreesanth, were arrested soon after the case was leaked. The Supreme Court then decided to permit the law commission to investigate on the legality of the industry.

Sports betting has been a subject of heated debate in India for years. Though there is a blanket ban on gambling, an underground economy still exists in full force, despite it being a criminalized activity.

Could Sports Betting Help in Legitimizing Bitcoin in India? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

229 +