Connect with us

Social

Cryptocurrencies in India are at par with electronic means of payment, states the Law Commission of India

Simran Alphonso

Published

on

Cryptocurrencies in India are at par with electronic means of payment, states the Law Commission of India
Source: Pixabay


The Reserve Bank of India [RBI] has appealed for a ban on cryptographic forms of money, as to preclude the banks for conversion of digital currencies into Indian Rupee [INR].

On 3rd July, the Supreme Court of India [SC] held the hearing of Internet and Mobile Association of India, IAMAI vs RBI. According to the reports, SC had not granted a temporary stay on the ban. The matter was scheduled for 20th July but was later postponed to 11th September.

On 5th July, the 21st Law Commission chaired by Justice B.S. Chauhan published its 276th Report titled “Legal Framework: Gambling and Sports Betting including Cricket in India”.

The report consisted of statements by the Indian Law Commission, that included the role of cryptocurrencies in online gambling in India. It shows how digital currencies are treated and how they should be dealt with.

Legal Framework: Gambling and Sports Betting including Cricket in India | Source: Law Commission of India

Legal Framework: Gambling and Sports Betting including Cricket in India | Source: Law Commission of India

Law Commission of India is an official body established by the Government of India to guide it on the implementation of laws. Its enrollment basically contains the expertise of legitimate law specialists.

The authorization of wagering includes the enactment of a law. Along these lines, the Supreme Court requested the Law Commission to examine the likelihood of legitimizing wagering in India. By default, this included cryptographic forms of money and its dealing.

Though the Law Commission did not cast light on the proposed action of the Government regarding cryptocurrency; it, however, treats “Crypto Currency” like other recognized electronic means of payment such as Credit Cards, Debit Cards and Net Banking.

In the report, the ‘conclusions and recommendations’ section stated that betting and wagering should be offered by legal administrators with substantial authority. Additionally, a valid license and the number of gambling transactions for every individual should be restricted with the help of government-issued identity documents such as PAN Card and Aadhar.

Mohammed Danish, Crypto regulatory Analyst and regulatory expert at cryptokanoon [a platform that is proactively engaged in crypto regulatory analysis] commented:

“The Law Commission recognized that the use of Crypto currencies in online gambling is a headache for law enforcement agencies. Probably for this reason, Commission did not discriminate in mentioning VCs alongside other e-modes while making standard regulatory measures.”

Harshit Tiwari, a crypto enthusiast and a Twitter user commented:

“This is what we needed to hear. We have won half the battle. I knew that PM Modi is a man of his words. He is a firm believer in blockchain and digitization. Huge news!”





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Simran Alphonso is a Journalist at Ambcrypto. She has a background in Financial Markets and holds expertise in Digital Marketing.

Partner

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement