Indian Supreme Court Proposes Legalization Cryptocurrency in Sports Betting
A report dubbed, “Legal Framework: Gambling and Sports Betting Including Cricket India”, revealed that the Indian committee has been looking into legalizing sports betting platforms, while possibly allowing the use of cryptocurrencies as a payment method.
This decision comes from the growing involvement of Indians within the betting industry, which the country deems illegal. The report further stated that this approach was suggested due to several police investigations that resulted in over millions of dollars illegally invested during the “Indian Premier League (IPL)” cricket matches.
Apparently, the investigations have shown that many popular and higher officials have used “black money” to place bets, which is typically done to avoid getting traced back to.
Hence the combination of black money and the illegal sports betting platform, forced the Indian Supreme Court to suggest legalizing the market altogether. It has also been revealed that the Lodha Committee has been given the responsibility, along with the Board of Control for Cricket India (BCCI) to explore the proposition in hand.
According the Lodha Committee, there are different types of betting, and both pose a problem for the country. In particular, “match-fixing” and “recreational betting” were mentioned, to which the committee stated that the former brings legal concerns while the latter encourages consumers to avoid taxes.
A statement made revealed that, “Similar restrictions should also be prescribed for the purpose of the amount one would be allowed to stake will using electronic money facilities of the likes of credit cards, debit cards, net-banking, VCs, etc.” Hence, pondering upon including cryptocurrencies as a possible payment method.
India has previously made headlines for being one of the first countries to have banned cryptocurrencies. The fact that illegal betting has gained popularity due to the lack of traceability is what is currently troubling the Indian committee.
As per CCN’s report, the Founder of crypto exchange, Wazir spoke with Quartz regarding India looking into the possibility of cryptocurrencies. To which he shared 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 […]”
Crypto investors in India have been long-yearning for the results as to whether or not the country will support cryptocurrencies. Unfortunately, it has been postponed from July to September 2018.