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Indian Law Commission Recognizes Cryptocurrency Within Legal Payment System

The cryptocurrency system in India just got luckier after days of facing ban and prohibition from the Indian government. The traders have finally found a lifeline to keep the trade going on and there is hope for the revival of the entire trade which was facing disregarded by the investors. The lawmakers have finally come out in support of crypto and are said to be considering legalization for them. The digital coins can be legally accepted within the payment system in the sports betting industry.

According to CCN, it is stated that a report titled “Legal Framework: Gambling and Sports Betting including Cricket in India” look at the possibility of using cryptocurrency. They can be taken into consideration for the digital payment methods which will streamline the legalization of sports betting industry.

It is already known that there is a huge million-dollar betting market already in India which comes out at the time of Indian Premier League (IPL) cricket matches and other popular sports events. Despite cracking down the betting circle it stands up again during such tournaments which involve a large sum of black money. In order to curb the problem, the Supreme Court judges proposed the idea of legalizing sports betting. This, in turn, is making two problems solved at one time.

Feedback On Cryptocurrency Legalization

Cryptocurrency exchange WazirX founder Nischal Shetty stated that this is for the first time government has tracked proposed an idea for the recognition of cryptos. He also mentioned that this is a very positive indication particularly taking into consideration that this report has been unveiled after quite a lot of deliberation.

The government is also working on a framework draft for the regulation of the crypto coins in a legal way. It was earlier scheduled to be announced by the end of this month, however, it has been now postponed to September.

 

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Neha graduated in Electronic Media and has worked with Times group for 3 years with an overall experience of 6 years. She is passionate about learning languages and is a certified French Language Expert and IELTS Trainer. Neha writes breaking cryptocurrency news stories for OWLT Market.

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