Cryptocurrency This Week: Law Commission Of India Favours Gambling In Bitcoin And More

Once fallen to below $5K, slowly and steadily, Bitcoin is getting its charm back. Riding high on Bitcoin which is currently trading at $8.2K, the cryptocurrency market cap too, is ready to hit $300 Bn.

Meanwhile, in India, amid RBI crypto circular which has banned Indian banks from dealing with cryptocurrency entities, the Law Commission of India in its report submitted to the Minister of Law and Justice Ravi Shankar Prasad has recommended cryptocurrency as one of the cashless means for gambling transactions.

Let’s take a look at this week’s development in cryptocurrency!

Law Commission Of India Favours Gambling Transactions In Bitcoin

The Law Commission of India which recently submitted its 276th report to the Union Minister of Law and Justice, Ravi Shankar Prasad has favoured the use of Bitcoin and other cryptocurrencies for gambling transactions.

In its report, the Commission stated, “Gambling transactions should be made cashless, making use of electronic means of payment such as credit cards, debit cards, net-banking, Virtual Currencies (VC – also known as Cryptocurrency), etc. Stringent law(s) should be put in place to control Foreign Direct Investment and at the same time, to prevent money laundering, while also implementing necessary tax reforms.”

The proposal has been made based on the fact that the straight-jacket prohibition on gambling has resulted in a rampant increase in illegal gambling, resulting in a boom in black-money generation and circulation. Regulated gambling could ensure the detection of fraud and money laundering and would create transparency. “Betting and gambling transactions should be linked with operator’s as well as player’s/participant’s Aadhaar card/PAN card, so as to ensure transparency and State supervision. The cap on the maximum amount that can be staked in a wager should be fixed by law and be strictly implemented,” observed the Commission.