Gambling related law in India - page 2.

wxa7115

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Quote from: krishnaverma on July 22, 2018, 11:44:07 AM

As per a recent article online:

https://medium.com/@cryptokanoon/law-commission-of-india-treats-crypto-currency-at-par-with-other-recognized-electronic-means-of-4ec662183b7e

Trend of online gambling with crypto in India is on continuous rise. What is your opinion about this ?

I read the article but it is difficult to take them seriously when their own institutions of the government of India does not seem to agree about the current legal status of bitcoin and cryptocurrencies in general, one entity says there is not any need to declare it legal or illegal, but that means in principle that anything that is not forbidden is legal by default, while another entity is using that very same ruling to say that it is illegal.

This is just a money grab attempt in my opinion and since they do not seem to agree in something as basic as that, it is clear to me they are going to fail in their attempt to regulate the use of cryptocurrencies in gambling.

Pherjen5

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Quote from: MinerHQ on August 07, 2018, 08:44:17 PM

Quote from: sweetbet on August 07, 2018, 06:46:47 PM

In 2016, the population of India was 1.324 billion. If the government regulates online gambling and only a very small percentage of the population plays, the government will make a lot of money in taxes.

Currently, a lot of illegal gambling activity is happening in India so they are just trying to reduce that percentage and also the government can make some tax money from it. Indian government very popular for the high taxes so I expect it will be a very huge amount of tax they may add for all the winning amount and which may indirectly force people to choose to gamble illegally or go to crypto gambling sites which are not regulated for the taxes to reduct from the winning amount.

The tax should be a reasonable amount then only people may be ready to pay it because they risk their hard earned money to play these games so the government shouldn't ask for a huge amount of tax.

Yes that is right that people will happily pay tax on their gambling income, but if the tax is reasonable. If government will put tax on online casinos first they will regulate them and it will surely be in favour of gambler which can make their investment in casinos as more secure.

chainedblocks

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Quote from: MinerHQ on August 07, 2018, 08:44:17 PM

Quote from: sweetbet on August 07, 2018, 06:46:47 PM

In 2016, the population of India was 1.324 billion. If the government regulates online gambling and only a very small percentage of the population plays, the government will make a lot of money in taxes.

Currently, a lot of illegal gambling activity is happening in India so they are just trying to reduce that percentage and also the government can make some tax money from it. Indian government very popular for the high taxes so I expect it will be a very huge amount of tax they may add for all the winning amount and which may indirectly force people to choose to gamble illegally or go to crypto gambling sites which are not regulated for the taxes to reduct from the winning amount.

The tax should be a reasonable amount then only people may be ready to pay it because they risk their hard earned money to play these games so the government shouldn't ask for a huge amount of tax.

If you are thinking your country as a selfless country that has nothing to do for controlling this illegal activity, so listen, brother this isn’t only India, rather many other countries as well that has got maximum illegal activities running under the law and mostly under the nose of politicians. They can’t control it so you. But we really are hopeful for the best results you people could make.

MinerHQ

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Quote from: sweetbet on August 07, 2018, 06:46:47 PM

In 2016, the population of India was 1.324 billion. If the government regulates online gambling and only a very small percentage of the population plays, the government will make a lot of money in taxes.

Currently, a lot of illegal gambling activity is happening in India so they are just trying to reduce that percentage and also the government can make some tax money from it. Indian government very popular for the high taxes so I expect it will be a very huge amount of tax they may add for all the winning amount and which may indirectly force people to choose to gamble illegally or go to crypto gambling sites which are not regulated for the taxes to reduct from the winning amount.

The tax should be a reasonable amount then only people may be ready to pay it because they risk their hard earned money to play these games so the government shouldn't ask for a huge amount of tax.

hulla

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Quote from: sweetbet on August 07, 2018, 06:46:47 PM

In 2016, the population of India was 1.324 billion. If the government regulates online gambling and only a very small percentage of the population plays, the government will make a lot of money in taxes.

The Indian government will surely make alot of money through taxes cause India are know for their love for sport, especially cricket and India is a very traditional country which is why I'm surprised that their government law commission endorsed and license gamble site but I hate the fact that they categorized crypto currency with credit card not as legal tender payment.

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In 2016, the population of India was 1.324 billion. If the government regulates online gambling and only a very small percentage of the population plays, the government will make a lot of money in taxes.

chickenado

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Quote from: Diced90 on August 07, 2018, 05:00:22 PM

I think the fact that India encourages online and crypto gambling is not the best way to support cryptocurrency but its a step forward.

If that would be the scenario with India's support for online gambling, then it isn't a problem with the law regulations. Stepping forward is the best ways on how people could adapt in the same manner, that online gambling can be done without any negative image despite of how holy is the person on his religion. Having fun couldn't be stopped, as long as performed the right way.

Diced90

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I think the fact that India encourages online and crypto gambling is not the best way to support cryptocurrency but its a step forward.

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Quote from: just_Alice on August 07, 2018, 06:52:37 AM

Gambling legislation is good news, however, India seemed like a more religious country to me, because as far as I know Hindu practices mostly disfavour gambling as a form of entertainment. Anyway it's probably for the best, something that is prohibited by the government always finds itself in the shadows and gives rise to black markets, criminality and danger. We can see it now on the example of drugs - whoever wants will find a way to but it, so it would be better to legalize it gaining two benefits at the same time: cutting off criminality and turning all that money that went to lawbreakers to the central government budget.

Good thing to know regarding with India's mindset with gambling, which to be associated with the authorities on their faith. Most of the countries really have the separation of the state to religion itself, but this matter about them was really serious about it. That's really a very effective ways to handle over crimes, so it's one way of correcting the problem from the start in order to prevent crimes like robbery or any crimes related to stealing money. With that practices, people will learn how to manage their gambling desires and also they will have strong religious relationship as part of spiritual growth.

BitcoinNewbie15

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Quote from: sunsilk on July 23, 2018, 06:58:19 PM

That's much better instead of prohibiting it. If they can see some good market to gambling on their country then that's better to start regulating the industry. It can also be one of the best industries that can contribute to their economy.

India has a large population and if there's a big portion of their citizen into crypto and gambling this will be a big trend.

The rumor about India banning crypto's will remain as a rumor now.

Yes, this is much better than outright banning gambling. People should be able to gamble with their money if they choose, theyre adults, they can make their own decisions. The government shouldn't have a say in something like this. Gambling helps adoption, I've heard a lot of people in the poker space has adopted/bought Bitcoin after hearing about it during a game. Anything that helps adoption is good. Now if only India doesn't ban crypto...

I'm sure they won't. But if they do, they will be putting themselves on the wrong side of history, and will be well behind on this technology.

Mister1k

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Quote from: Ranly123 on August 07, 2018, 07:09:36 AM

Quote from: krishnaverma on July 22, 2018, 11:44:07 AM

As per a recent article online:

https://medium.com/@cryptokanoon/law-commission-of-india-treats-crypto-currency-at-par-with-other-recognized-electronic-means-of-4ec662183b7e

Trend of online gambling with crypto in India is on continuous rise. What is your opinion about this ?

The government of India wants everyone to be safe and letting those licensed sites to operate. Though it's much difficult for competition of gambling sites, it is much better than being prohibited.

Most of the government rules and norms are completely against the people and small scale investors in their country. So I do not know why you are supporting your country this much is gambling side. Gambling is one of the easiest way to make money if you have luck and tactics. But I do not know any gambling site which is represent India with the big impact on the world countries buddies.
I suggest you to go with the betting sites and dice game sites to make the money.

Ranly123

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Quote from: krishnaverma on July 22, 2018, 11:44:07 AM

As per a recent article online:

https://medium.com/@cryptokanoon/law-commission-of-india-treats-crypto-currency-at-par-with-other-recognized-electronic-means-of-4ec662183b7e

Trend of online gambling with crypto in India is on continuous rise. What is your opinion about this ?

The government of India wants everyone to be safe and letting those licensed sites to operate. Though it's much difficult for competition of gambling sites, it is much better than being prohibited.

just_Alice

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Gambling legislation is good news, however, India seemed like a more religious country to me, because as far as I know Hindu practices mostly disfavour gambling as a form of entertainment. Anyway it's probably for the best, something that is prohibited by the government always finds itself in the shadows and gives rise to black markets, criminality and danger. We can see it now on the example of drugs - whoever wants will find a way to but it, so it would be better to legalize it gaining two benefits at the same time: cutting off criminality and turning all that money that went to lawbreakers to the central government budget.

Chachacoin17

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Quote from: th3nolo on July 24, 2018, 05:33:18 PM

Quote from: krishnaverma on July 22, 2018, 11:44:07 AM

As per a recent article online:

https://medium.com/@cryptokanoon/law-commission-of-india-treats-crypto-currency-at-par-with-other-recognized-electronic-means-of-4ec662183b7e

Trend of online gambling with crypto in India is on continuous rise. What is your opinion about this ?

It isn't' bad to regulate gambling online as far as everybody knows is the best way to clean money, And this could able to open a better look to cryptocurrencies in Indian which is, in fact, one of the greatest markets in the world.

Gambling online doesn't affect much to people unlike the real life gambling. The idea is all about virtual betting, so no need to become strict to that. Maybe there's some regulations to follow upon licensing concerns with the site developer, but it can be arranged as well. Online betting using cryptocurrency is more advantage rather than allowing legit gambling like the local areas, and mostly prone to attract more under age people which isn't good appropriate.

CryptoGamblingSites

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Quote from: th3nolo on July 24, 2018, 05:33:18 PM

Quote from: krishnaverma on July 22, 2018, 11:44:07 AM

As per a recent article online:

https://medium.com/@cryptokanoon/law-commission-of-india-treats-crypto-currency-at-par-with-other-recognized-electronic-means-of-4ec662183b7e

Trend of online gambling with crypto in India is on continuous rise. What is your opinion about this ?

It isn't' bad to regulate gambling online as far as everybody knows is the best way to clean money, And this could able to open a better look to cryptocurrencies in Indian which is, in fact, one of the greatest markets in the world.

The problem is "regulating" gambling in India won't provide a "solution" to all the bitcoin and altcoin gambling sites.

Regulating usually means "taxing." If the taxes are high for players and "regulated" gambling sites, the bitcoin and altcoin gambling sites will just not be "regulated" in the country but allow players to gamble tax-free and discrete.

th3nolo

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Quote from: krishnaverma on July 22, 2018, 11:44:07 AM

As per a recent article online:

https://medium.com/@cryptokanoon/law-commission-of-india-treats-crypto-currency-at-par-with-other-recognized-electronic-means-of-4ec662183b7e

Trend of online gambling with crypto in India is on continuous rise. What is your opinion about this ?

It isn't' bad to regulate gambling online as far as everybody knows is the best way to clean money, And this could able to open a better look to cryptocurrencies in Indian which is, in fact, one of the greatest markets in the world.

avikz

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Quote from: sunsilk on July 23, 2018, 06:58:19 PM

That's much better instead of prohibiting it. If they can see some good market to gambling on their country then that's better to start regulating the industry. It can also be one of the best industries that can contribute to their economy.

India has a large population and if there's a big portion of their citizen into crypto and gambling this will be a big trend.

The rumor about India banning crypto's will remain as a rumor now.

Right you are! Very recently the Law commission of India submitted a report on gambling to the Finance Ministry and to the market regulators to legalize gambling and sports betting in India. You can read the news from the below link,

http://www.asgam.com/news/item/4974-law-commission-of-india-recommends-legalizing-sports-betting-and-gambling.html

Indian government tried real hard to stop any kind of gambling to take place on its soil but failed miserably. Now they are thinking of capitalize on this same idea. Nothing has been materialize yet but lets hope for the best!

SyGambler

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I believe every country should license and regulate gambling , this way it's better for the government and better for the citizens as well
here gambling is still technically illegal , but it's not that a big of crime where you pay maximum 200$ if busted ( as I remember the laws about it )

like here there is a site running and illegally , many citizens use this site cause let's face you can't ban people from doing what they want
people everywhere will always gamble , so instead of letting them do it with shady and illegal operators where there is a good chance of them scamming the money when they feel they have enough simply the governments should benefit from it and protect the citizens

here in Syria few years ago the government started such a move , a big casino was opened in Damascus but then the religion guys didn't like it and they kept demanding for closing it which is what happened

now since we are coming out of war I guess gambling in Syria will be legal at some point , maybe next year but the country need investors and I guess this will happen

btc_angela

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Quote from: krishnaverma on July 22, 2018, 11:44:07 AM

As per a recent article online:

https://medium.com/@cryptokanoon/law-commission-of-india-treats-crypto-currency-at-par-with-other-recognized-electronic-means-of-4ec662183b7e

Trend of online gambling with crypto in India is on continuous rise. What is your opinion about this ?

Very interesting. I never thought that India is heavily on crypto online gambling. I haven't seen that many Indian nationals when I played on land based casino that's why I was surprised to find when you says that the trend of online gambling is on the rise in India. I think its would be better for the Indian government to adopt and accept bitcoin and just put a tax on it. Instead of going against the flow because we all know that crypto is really unstoppable.

CryptoGamblingSites

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Quote from: bitcoinisbest on July 24, 2018, 01:44:20 AM

Quote from: CryptoGamblingSites on July 23, 2018, 10:34:52 PM

Quote from: krishnaverma on July 22, 2018, 11:44:07 AM

Trend of online gambling with crypto in India is on continuous rise. What is your opinion about this ?

There are already many people in India using bitcoin for online gambling.

Playing with Rupee's on sites like bet365 happens, but that is up and down because the payment processors have to use Indian banks.

With bitcoin being so popular, the amount of bitcoin gambling sites available is only going to increase.

It is banned in the country and people who are using it are against the law of the country. Cyber cell will identified it and then unnecessary they would have not earned from the gambling that much they would have to pay penalty and may even be sentenced to jail.

That could be part of the reason India is on the top 10 TOR user countries list.

https://metrics.torproject.org/userstats-relay-table.html

And VPN is so popular.

People don't trust the government because they help the banks in India continue to be corrupt. The Bank Morass is missing money and ATM's are dry, India City Union Bank was hacked and the Punjab National Bank is accused of fraud in the amount of $1.8 billion. This is just in 2018, look at the things that happened in the last 5 years or decades, it's all corruption.

This is why bitcoin adoption in India will continue regardless of the government banning it and anyone gambling will just do it through VPN/TOR with the bitcoin or altcoins they own rather than rupee.

Topic: Gambling related law in India - page 2. (Read 513 times)