India’s law reform committee is in favor of Cryptocurrency

amobi

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Quote from: ankurguta87 on July 25, 2018, 06:37:57 AM

The law commission of India, which has been studying the feasibility of sports gambling, has clubbed virtual currency with other legally accepted modes of payments.

These methods used for settling online transactions can also be used for betting on sports if and when made legal. Lets see the court decision in September.

You are right mate, crypto currency has wide range of use cases, i wonder why most antagonistics always thing negative when crypto currency especially bitcoin is mentioned, lets see what the final decision of the court brings in september, i hope it will be favourable.

btcformula

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People are confuesd and this kind of news confuesd more. Some time they do ban ban & sometime they offer green signal. What goes on?? is it new way to making fool

Mofazzal840

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Actually this is really good news for the market of crypto currency in the world . It proves that the importance of crypto currency in an economy cannot be denied and so the government has not banned the crypto currency in India.It is known to all the crypto users. Now the crypto currency market will be more popular to all. Wink

fourplealise

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Crypto-currency will be legalized in most of the countries whether itis today or it is tomorrow. Gambling and betting are a very well known business in India famous for. And crypto-currencies are best for it as there is illegal business as well. Govt. will try to regulate them and for this, legalization is required.

elemosho.crypto

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I think crypto still not accepted by Indian government as a alternative way of payments. But I hope very soon they will give a sustainable regulation with cryptocurrency and the future of cryptocurrency will be bright in india.

jaaeeeyyyy

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Quote from: ankurguta87 on July 25, 2018, 06:37:57 AM

The law commission of India, which has been studying the feasibility of sports gambling, has clubbed virtual currency with other legally accepted modes of payments.

These methods used for settling online transactions can also be used for betting on sports if and when made legal. Lets see the court decision in September.

This is another good news. As time passes by more and more countries started to study bitcoin at the same time do judgement that will really gives benifit not only to the citizens of there country but also the country itself, such as economic growth. Bitcoin is really powerful that it can help in finances even it is a huge community to serve. Soln enough more and more people will get involved with bitcoin.

kumarrajuiitd

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Quote from: Smon on July 29, 2018, 12:48:18 PM

Quote from: tamradhwaj on July 29, 2018, 12:42:31 PM

Last month, the head of the indian government panel and secretary of the department of economic affairs confirmed the panel had made headway in drafting a regulatory framework and is currently in an advanced stage with guidelines expected to be published in July. Allowing it as (a) commodity may let us better regulate trade and so that is being looked at,” the anonymous official confirmed on Wednesday’s report, soothing fears among domestic cryptocurrency adopters and the wider industry.

Bitcoins have a future if India accepts Bitcoin. I hope that the government will reconsider their decision to ban their Bitcoin. If they accept Bitcoin, it means that the economy of India will grow in the future

If committee would be in favor bitcoin then it would be a great news for crypto lovers in India. As internet was the booster in economy same crypto currency would be the next booster to the Indian economy.

Smon

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Quote from: tamradhwaj on July 29, 2018, 12:42:31 PM

Last month, the head of the indian government panel and secretary of the department of economic affairs confirmed the panel had made headway in drafting a regulatory framework and is currently in an advanced stage with guidelines expected to be published in July. Allowing it as (a) commodity may let us better regulate trade and so that is being looked at,” the anonymous official confirmed on Wednesday’s report, soothing fears among domestic cryptocurrency adopters and the wider industry.

Bitcoins have a future if India accepts Bitcoin. I hope that the government will reconsider their decision to ban their Bitcoin. If they accept Bitcoin, it means that the economy of India will grow in the future

tamradhwaj

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Last month, the head of the indian government panel and secretary of the department of economic affairs confirmed the panel had made headway in drafting a regulatory framework and is currently in an advanced stage with guidelines expected to be published in July. Allowing it as (a) commodity may let us better regulate trade and so that is being looked at,” the anonymous official confirmed on Wednesday’s report, soothing fears among domestic cryptocurrency adopters and the wider industry.

Ilegendph

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Thinking on the higher plane of existence.

Quote from: hase0278 on July 25, 2018, 07:32:53 AM

Quote from: ankurguta87 on July 25, 2018, 06:37:57 AM

The law commission of India, which has been studying the feasibility of sports gambling, has clubbed virtual currency with other legally accepted modes of payments.

Are you referring to this news? If so, then you are mistaken. It is clearly stated there that Indian regulators might treat cryptocurrency as a commodity, and not as an alternative mode of payment. Either way, I think them looking at the bright side of what bitcoin and other cryptos offer for once is better rather than seeing them retaliating with a countrywide ban.

Well it doesn't matter for now because the main point here is adoption. As long these countries would want to use cryptocurrency, what ever lawful purpose it is, it will help the whole industry as well. Their people also might try services that cryptocurrency might offer. There are many of them and I believe some of them(if not all) may help greatly to their economy as well as the poor people.

shadyrifles

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Quote from: ankurguta87 on July 25, 2018, 06:37:57 AM

The law commission of India, which has been studying the feasibility of sports gambling, has clubbed virtual currency with other legally accepted modes of payments.

These methods used for settling online transactions can also be used for betting on sports if and when made legal. Lets see the court decision in September.

The law commission of India is eager to study the feasibility of sports gambling which is clubbed virtual currency with other accepted mode of payment. This is going to be really huge for the cryptocurrency world incases of this scenario is going to happen in future, the method is used for settling online transactions which can be used for being in IPL (Indian Premier League). The gambling transaction should be made cashless the commission had recommended in its report submitted to the supreme court of India earlier this month. You can download the report here http://lawcommissionofindia.nic.in/reports/Report276.pdf

audaciousbeing

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Quote from: ankurguta87 on July 25, 2018, 06:37:57 AM

The law commission of India, which has been studying the feasibility of sports gambling, has clubbed virtual currency with other legally accepted modes of payments.

These methods used for settling online transactions can also be used for betting on sports if and when made legal. Lets see the court decision in September.

I would appreciate if you would have included the source of your news here. That being said, the opinion of committee members does not amount to the law and that is what the court is expected to interpret come September. The laws are already there, the sole decision is on the judges who will be sitting on the case and the only way I see out of it is if on the part of government they intentionally presents a bad argument to favor a better decision for crypto currency.

Other than the above, the committee can only do a more robust work rather than expressing an opinion because that won't be enough argument for acceptance on the part of government but a framework that encompasses the interest of various groups which could then be turned into a bill to be presented to the parliament for discussion and ultimately becomes law in the long run.

Rangerman

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Informative post it is. It seems crypto currency has now drawn attention in every sphere of society which is definitely good. I am really looking forward to the decision that court going to take after reviewing the issue.

hubballi

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Quote from: stompix on July 25, 2018, 07:55:36 AM

Quote from: hase0278 on July 25, 2018, 07:32:53 AM

Quote from: ankurguta87 on July 25, 2018, 06:37:57 AM

The law commission of India, which has been studying the feasibility of sports gambling, has clubbed virtual currency with other legally accepted modes of payments.

Are you referring to this news? If so, then you are mistaken. It is clearly stated there that Indian regulators might treat cryptocurrency as a commodity, and not as an alternative mode of payment. Either way, I think them looking at the bright side of what bitcoin and other cryptos offer for once is better rather than seeing them retaliating with a countrywide ban.

This is the problem with members these days, they throw a copy pasted paragraph there and they are proud of themselves opening a thread.

This is the original article:

India’s law reform committee accepts cryptocurrency as a valid mode of payment

Quote from: BrewMaster on July 25, 2018, 07:36:02 AM

what does online gambling have anything to do with bitcoin? it is like one of the many usages and it is in the list of smaller ones out there. using it as a reason for making a decision on bitcoin is like saying since terrorists are using US dollar then we should ban US and everything related to them!

Hihi, it's actually good news, stop!!!! Grin

What you said is the correct news and through it now they are also clearing that crypto currency can be now used as legally which is very good news

jademacoy

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This is always what i told most of the time if there are post regarding on a country to ban cryptocurrency. My immediate response to this is that this is the only way to promote cryptocurrency in good and healthy condition. The government will going to conduct a study for regulation while banning cryptocurrency but later on it will just have to made an adjustments and that regulations will follow.

taeewo

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Already predicted this when the implemented the ban of Crypto currency in their country that will still still reverse it or put regulation in place for smooth usage for its citizens.

greenvally

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This is really good news for the market of crypto currency. It proves that the importance of crypto currency in an economy cannot be denied and so the government has not banned the crypto currency in India. Now the crypto currency market will be more popular.

stompix

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Blackjack.fun

Quote from: hase0278 on July 25, 2018, 07:32:53 AM

Quote from: ankurguta87 on July 25, 2018, 06:37:57 AM

The law commission of India, which has been studying the feasibility of sports gambling, has clubbed virtual currency with other legally accepted modes of payments.

Are you referring to this news? If so, then you are mistaken. It is clearly stated there that Indian regulators might treat cryptocurrency as a commodity, and not as an alternative mode of payment. Either way, I think them looking at the bright side of what bitcoin and other cryptos offer for once is better rather than seeing them retaliating with a countrywide ban.

This is the problem with members these days, they throw a copy pasted paragraph there and they are proud of themselves opening a thread.

This is the original article:

India’s law reform committee accepts cryptocurrency as a valid mode of payment

Quote from: BrewMaster on July 25, 2018, 07:36:02 AM

what does online gambling have anything to do with bitcoin? it is like one of the many usages and it is in the list of smaller ones out there. using it as a reason for making a decision on bitcoin is like saying since terrorists are using US dollar then we should ban US and everything related to them!

Hihi, it's actually good news, stop!!!! Grin

rudox

full member

Activity: 476

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This news from India is comfortable to the crypto family. There are millions of online games in the cyber space and India has the population which will surely make impact on the crypto market as the demand for cryptocurrency will soar. Let us hope that the September review will still go the way of the commitee.

BrewMaster

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There is trouble abrewing

what does online gambling have anything to do with bitcoin? it is like one of the many usages and it is in the list of smaller ones out there. using it as a reason for making a decision on bitcoin is like saying since terrorists are using US dollar then we should ban US and everything related to them!

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