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Uncertainty continues to grip India’s crypto industry ever since the Rural Bank of India (RBI) imposed a ban on banks and other financial institutions, prohibiting them from dealing with cryptocurrencies. While everyone is still waiting for the Supreme Court’s verdict in the upcoming final hearing scheduled next month, a rare positive development just surfaced from a recently released report by the Law Commission of India.

In July 2018, the Law Commission of India released a report titled ‘Legal Framework: Gambling and Sports Betting Including in Cricket in India.’ According to Quartz, the law commission was tasked by the Supreme Court to study whether or not betting should be legalized in the country.

The commission in its report also tackled cryptocurrency. If the Indian government wants to maximize the revenues it can get from the gambling industry; the rapidly growing online gambling niche must not be neglected. This means that the settlement of bets should be done electronically. And the commission does not see any problem with the use of cryptocurrencies in that capacity.

As quoted by Quartz, the Law Commission of India, in its report submitted to the apex court, recommended:

“Gambling transactions should be made cashless, making use of electronic means of payment such as credit cards, debit cards, net-banking, virtual currencies (VC, or cryptocurrency), etc.”

India’s crypto community welcomed this recommendation by the Law Commission of India. It is seen as a positive sign as it is the first time that a government-appointed body recognizes that cryptos can be used in transactions.

Crypto exchange WazirX’s founder and CEO, Nishal Shetty, explained to Quartz:

“It is the first time that a body appointed by the government has given recognition to virtual currencies that they have value and can be used for a transaction. Therefore, it is a very positive sign, especially considering the report has come out after a lot of deliberation.”

However, the last say on the matter would still be India’s top court. Moreover, it is unclear if the Law Commission of India’s recommendation with regard to cryptocurrency’s use in the gambling industry will be given weight in the upcoming deliberations.

Meanwhile, crypto exchanges already challenged RBI’s cryptocurrency ban. And a final hearing before the Supreme Court is already scheduled this coming September 11, 2018.

Law Commission of India Recommends Use of Cryptos in Settling Gambling Transactions was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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