India continues to represent a center of controversy and controversy when dealing with cryptocurrencies. Since the Bitcoin and the other altcoins began to make their way in the world, the government of the Asian country has kept attentive to the actions of its citizens regarding the use of these assets, prohibiting even the banks that maintain some relationship with the cryptocurrency exchange houses.
Now, the Legal Commission of India, an organization created by the country's government, has recognized cryptocurrencies as an 'electronic payment method', at least for gambling.
Through a report, entitled 'Legal Framework: Sports Betting and Gambling, including Cricket in India', which talks about the possible legalization of these practices, the organization ensures:
“Gambling transactions must be made in cash, using electronic means of payment, such as credit cards, debit cards, electronic banking, virtual currencies (VC or cryptocurrencies), etc.”
Electronic and sports betting in India is currently the subject of great controversy, and previous attempts by the authorities to control or criminalize them have only resulted in a black market for this type of bets, in which illegal actions were always highlighted.
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Now, the Legal Commission of India, an organization created by the country's government, has recognized cryptocurrencies as an 'electronic payment method', at least for gambling.
Through a report, entitled 'Legal Framework: Sports Betting and Gambling, including Cricket in India', which talks about the possible legalization of these practices, the organization ensures:
“Gambling transactions must be made in cash, using electronic means of payment, such as credit cards, debit cards, electronic banking, virtual currencies (VC or cryptocurrencies), etc.”
Electronic and sports betting in India is currently the subject of great controversy, and previous attempts by the authorities to control or criminalize them have only resulted in a black market for this type of bets, in which illegal actions were always highlighted.
Did you like this article? Don’t forget to follow buenoscoin on instagram to stay up to date with all the news of the cryptoworld.
Want to BUY BUENOS COIN? Check out Buenos.io for more info.