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Indian Law Committee Considers Cryptocurrency As Payment Mode

Cryptocurrency has finally found its place in the Indian market or in other words it just got a lifeline. The law commission of India has answered to this contentious debate validating it for the use of legal sports betting. Indeed there is a place for crypto coins in this genre where it can be taken into the actual payment system if made legal. However, both sports betting and crypto coins are not legalized as of now but there are genuine efforts made by the officials for its implementation.

According to Quartz Media, it is stated that transactions related to the gambling can be legalized cashless like cryptocurrency or electronic mode of payment (credit or debit card). It is further mentioned that the law commission has already given their reports to the Supreme Court of India suggesting this proposal. The executive advisory has been working and examining the legal sports betting in India since 2016.

The commission recommendation of crypto coins and other recognized electronic mode of payments have given additional points for consideration. This will also enhance the know-how and the legal awareness of digital coins in the public domain.

Cryptocurrency Exchanges Feedback On The Law Commission Report

Cryptocurrency exchange WazirX CEO Nischal Shetty noted that this is going to be the first time when a body has been given charge by the government for the cryptocurrency legalization and acceptance. This is a very positive indication especially when it has been evaluated with forethought. The cryptocurrency exchanges are very delighted with the come out of this report despite the ban imposed by the Reserve Bank of India. The traders are fighting against the ban in the Supreme Court since April and its final judgment will come in the final hearing in September 2018.

The popularity of the digital currency has been rising despite the ban. Some of the investors are even holding their INR in Bitcoins in the hope of the revival and bounce back of the prices like last year.

 

 

[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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