The law commission set up by the Indian in its report has recognised cryptocurrency as a form of payment method. This news comes as a major boost to the Indian crypto which was going through some major turmoil in the past couple of months. After the ban by RBI on Banking transactions to crypto exchanges, this is a sign of positivity in the Indian market.
This report is a major breakthrough for through for the legalisation of cryptos in India as it is the first time that any government body has accepted that cryptocurrency has value and can be used for trading purposes.
The Law Commission of India recently published a report on the legal framework for gambling and sports betting in India. The 140-page report explains that gambling is defined as the act of “wagering or betting on games of chance but does not include betting or wagering on games of skill.” Wagering and betting are subsequently defined as “the staking of money or virtual currency [VC], whether or not it is equivalent to a recognized currency.”
The commission was established by the order of the Indian government to advise them on legal reforms. It was asked by the country’s supreme court in July 2016 to examine if betting should be legalized in India.
The top CEO's and market leader have taken this news rather positively, they say banning cryptos is not the way ahead and they themselves are looking forward to the government for applying stringent laws to avoid any chances of errors.
WazirX CEO NischalShetty was also quoted saying as,"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."
Before the Sept11 final hearing by the supreme court. these minor events can prove very crucial in setting up an environment conducive for removing the banking ban to crypto exchanges.