"INDIA FAVOURS CRYPTOCURRENCY AS A FORM OF ONLINE CASINO PAYMENT"

Law commission of India have taken cryptocurrency into account as a valid payment method for the online casino. They revealed they would be pursuing the implementation of virtual currency for payments of online casino sites. This proposal was stated in their 276th report to the Union Minister of Law and Justice.

The regulator proposed digital currencies could me a solution to many issues in Online casino in India, leading to better regulations is the ability to identify and deal with the problems. The overall message was that playing online casino without physical cash is way to go.

Cryptocurrencies, contrary to popular believe could be have a actually improve the state of online casino in India.

The commission has stated that transaction could be made as “cashless without credit cards, debit cards, NET banking and the virtual currency. “ Players would have to opt-in to online betting and the state would be able to intervene if there are any issues.

Cryptocurrency and the blockchain technology which is core to it’s existence is proving to be revolutionary across many industries, but sits particularly well in the online casino/betting. Online casino using blockchain is more transparent and greatly reduces any opportunities for fraud.

The Random Number Generator (RNG), which “rolls the dice” or “spins the wheel”, so to speak, is audited on the blockchain, and once set cannot be tampered with. This means that site owners have no say in how the outcomes land, while players can confirm the randomness of their games by surveying the blockchain.

Payments can be handled using smart contacts, which remove the need for any human tampering with transactions/ When payers win they can paid automatically. It’s the kind of trust that will bring a new players and existing players.

The governing body responsible for creating the regulatory framework for cryptocurrency is not pushing a blanket ban. They are trying to put together a case for the proper regulations in order for cryptocurrency to be useful in society, and are currently in the final stages of finalizing this framework.

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