India will soon Introduce the Cryptocurrency as an Electronic Payment mode
It does not shock anyone that games betting are big business. However, betting in games can be somewhat dangerous. No one can be sure about the result that they will win or lose.
If you think that India stays away from communication with cryptocurrencies, at that point you should see their betting zone. You need to realize that games' betting in India is illegal. Nevertheless, people have got alternative choices around the law.
This industry captured limelight in 2013 when IPL spot-fixing allegation and betting scandal came in the news. At that time there was only one sport was legal for betting and that is horse racing. But now, the Law Commission of India has created a perspective to legalize the betting and gambling on sports.
Indian Law Commission has been contemplating the matter of sports betting for quite a while, and now they concluded that legitimation and effective regulation of sports betting is the only feasible choice to ward off these things from the illicit or criminal activities. The LCI suggested that making cashless transactions mandatory and making payment through debit card/credit card/Net Banking or cryptocurrency for betting will help to regulate this gambling industry. Also, betting and gambling activities can be done only via licensed operators and to restrict the amount of money can be put on the stake.
The sports industry has respected the proposals of the LCI. The FICCI said, "The Chamber has been supporting authorizing sports betting in India throughout the previous six years, which will assist the government with earning substantial undiscovered income. In this situation, sanctioning betting is a down to earth decision, however, it may not wipe out the illegal betting completely.