Cryptocurrency This Week: Law Commission Of India Favours Gambling In Bitcoin And More

Once fallen to below $5K, slowly and steadily, Bitcoin is getting its charm back. Riding high on Bitcoin which is currently trading at $8.2K, the cryptocurrency market cap too, is ready to hit $300 Bn.

Meanwhile, in India, amid RBI crypto circular which has banned Indian banks from dealing with cryptocurrency entities, the Law Commission of India in its report submitted to the Minister of Law and Justice Ravi Shankar Prasad has recommended cryptocurrency as one of the cashless means for gambling transactions

Law Commission Of India Favours Gambling Transactions In Bitcoin
The Law Commission of India which recently submitted its 276th report to the Union Minister of Law and Justice, Ravi Shankar Prasad has favoured the use of Bitcoin and other cryptocurrencies for gambling transactions.

In its report, the Commission stated, “Gambling transactions should be made cashless, making use of electronic means of payment such as credit cards, debit cards, net-banking, Virtual Currencies (VC – also known as Cryptocurrency), etc. Stringent law(s) should be put in place to control Foreign Direct Investment and at the same time, to prevent money laundering, while also implementing necessary tax reforms.”