Law Commission of India, the cryptocurrency acknowledged as a means of payment


The statement that the law Commission of India, the cryptocurrency acknowledged as a means for electronic payments, has created certain prerequisites that the crypto community there was little hope for the adoption of cryptocurrency government.

Given the negative attitude of most government officials to virtual currencies, this statement is encouraging, although it sounded quite another matter and concerned the definition of the legislative Commission payments to users of online casinos.

The first signs of recognition

The Commission stated that, in accordance with regulations that the money transactions in online casino gambling should be made by Bank transfer using electronic payment instruments such as debit or credit card, net banking or cryptocurrency.

The manifestation of any form of recognition of the idea of scriptaction is a kind of support crypto-enthusiasts in the country, said the Ordinance Nishal Shetty, CEO of local crypto currency exchange WazirX, saying in an interview:

“This is the first case when governmental authority was recognized the fact that virtual currencies have a value and can be used for payments, and this is a very positive trend, especially considering the fact that this statement was preceded by wide discussion.”

Regulation better than prohibition

In this period of time the issue of regulating the virtual currency is one of the most important issues for the local crypto community. The reserve Bank of India (RBI) issued a decree prohibiting local banks maintaining accounts of cryptocurrency companies. This situation caused a public outcry, accompanied by numerous lawsuits filed to challenge the tyranny of the RBI.

The Supreme court after a preliminary hearing, postponed the hearing on 11 September 2018, to adjudicate on the matter.

The solution proposed by law Commission of India sparked a new debate about what is more desirable – regulation or prohibition. The legalization of gambling bets, instead of to consider them a criminal offence, gives hope that a similar principle can be applied to the government and in relation to cryptocurrencies, instead of prohibitions RBI.

This opinion is shared by many members of the crypto community of India, encouraging the government to use the same approach in respect of scriptaction.

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Tags: India


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