There has been pressure from the Indian government on the cryptosystem. The pressure has resulted in money handlers ending their transactions in April this year. There was a proposal by the bankers on this matter, and it is currently in the Supreme Court awaiting hearing. Despite the move, the government of India seems to be changing heart pertaining to crypto and gambling.

Regulation Of The Gambling And Crypto Platforms

The Law Commission of India is an external body that investigates the uses of crypto and gambling in the country. The main reason why the government took this action was after a realization that gambling will not stop. Another reason for this move was after an arrest of some prominent figures in cricket on accusations of match-fixing. There was a recommendation from the body, which came to existence in 2016, to regulate these platforms rather than shutting them down. Regulating them would curb the underground economy that has developed due to the cap put on the trade says Tuhina Joshi, one associate at legal firm TRA Law.

Recommendation Of Using Crypto As A Payment Method

The lawmaking commission made a decision that using crypto, debit, and credit cards made gambling cashless. There was also a recommendation on the use of crypto as a mode of payment in the gambling business. This is a ray of sunshine for players and investors that are working with digital currencies. It is also a breather for the gambling platform that has been seeking for a long time to work without duress.

The Results of Uncovering the Cricket Match Fixing Scandal

The match-fixing scandal in the Indian Premier League (IPL) saw people like, Ajit Chandila, S Sreesanth and Ankeet Chavan’s involvement. Other than fixing the matches, these people were also participating in illegal betting and collaborating with bookies. A regulatory expert working with Crypto Kanoon made a recommendation of spreading the awareness of these platforms instead of stopping them. Another advantage of promoting these platforms was to get the tax that was slipping past the government through illegal gambling. Bringing to light these two trades, which people long considered illegal, will make handling such issues easier.

India is one of the many countries that is coming out to show support for the world of digital currencies. Some countries, like Switzerland, are taking to the currency fully, allowing their citizens to even bank with the currencies.