The world of cryptocurrencies and their vast application throughout a wide variety of fields could be defined as groundbreaking, which is something acknowledged by the lawmakers of India as well. It has been confirmed that the Law Commission of India is taking virtual currencies into account and their implementation in the gambling and other industries as a legal form of payment would be pursued in the future.
Cryptocurrencies have been among the highly discussed topics on a global level and there are many jurisdictions willing to explore the opportunities for development they provide. With a wide range of applications and many sectors they could be implemented into, this innovative decentralized tool has a lot on offer. The place of digital currencies in our rapidly developing world is undoubted, as it marks an important step towards digitalization and a more reliable financial and gambling world, according to the idealists of the cryptocurrency field.
India is willing to explore the new opportunities there are on offer and improve the current state of its gambling field. This is the reason why digital currencies were proposed as one of the ways in which the region could witness a significant surge in its performance. Following the issuing of the Legal Framework: Gambling and Sports Betting including Cricket in India, virtual currencies are now considered a valid payment method striving to bring the country up to speed with other jurisdictions already accepting crypto as a legit form of payment to the liking of Malta.
In an attempt to make the entire field more secure and trustworthy, the regulator proposed digital currencies as means of payment, claiming that wagering without the utilization of physical cash transactions could prove to be the winning approach. Problem gambling and lack of regulation in the field are two of the main issues when it comes to gambling in India, so the Law Commission has been working on ways in which it could be revolutionized.
Even though back in the days the region has been proclaiming cryptocurrencies as unreliable and going so far as to ban local banks from participating in crypto transactions, now tables have turned.
India Introduces Innovation When It Comes to Gaming
As a result of the ban, illegal activities have been proliferating, as it often happens which is why the authorities are now considering another approach to the situation. If they can not prohibit cryptocurrency operation, they might as well provide it with the appropriate set of regulations. Along with digital currencies, other recommendations include credit cards, debit cards, as well as net banking to also be considered. When it comes to online gaming and the implementation of digital currencies, India is not the first country to consider it as a more secure method.
Considering the fact that in its essence blockchain is designed to be fraud-proof, this could be crucial for the future development of the field. At the moment India is in need of a regulation which could make players trust the gaming field more and potentially attract new ones in the process. Smart contracts might be the right new feature to implement right now, as this would guarantee that payment would, in fact, take place and there would be no place for doubt in either of the parties involved.
A direct connection between them would also be easier to happen with the help of the blockchain technology, which would eliminate any third-party involvement. In the meantime, India is also eyeing the possibility of sports betting which is another activity to benefit from cryptocurrencies transactions. Online gaming could be significantly boosted with the help of virtual currencies and the level of anonymity they have on offer.
There is, however, one downside to this potential road coming from this very fact, since the authorities might end up finding it hard to keep an eye on them. The upcoming weeks are set to witness more development on the case and the potential results of the new regulation taking shape.