While the government of India is busy deliberating on whether to create a regulatory framework for bitcoin, a new battle has erupted over which body should regulate the popular digital currency.
The finance ministry recently hosted a meeting to discuss the regulatory framework of digital currencies in the country. The agenda, however, was overshadowed by a disagreement between the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) over which of them gets to control the legislative measures.
RBI considers bitcoin as security rather than currency, which means that it should regulated by SEBI, Business Standard reported. The central bank also proposed that the digital currency be traded as commodity derivatives, just like gold or silver, noting that SEBi should ensure that cryptocurrencies like bitcoin will not be used for illegal activities such as money laundering.
The securities board, however, rejected the proposal.
“It [bitcoin] cannot be classified as commodity derivatives as per extant legal provision,” a regulatory official said, according to the report.
The Reserve Bank of India is infamous for continuously rejecting calls from the growing local bitcoin industry to recognize and license bitcoin trading in the country, telling traders that “dealing with virtual currencies will be doing so at their own risk.” Under the Payments and Settlement Systems Act of 2007, the central bank has the power to regulate the digital payments industry in India.
This year, digital currency exchanges Zebpay, Unocoin, Coinsecure and Searchtrade took the matters into their own hands and founded a self-regulatory watchdog, the Digital Asset and Blockchain Foundation of India (DABFI). The group, which has been lobbying the Indian government to be lenient on digital currency, is currently working with lawmakers to define a set of guidelines for cryptocurrency use and trading in the country.
Current bitcoin price
Bitcoin traded at $2,761.10 per coin on Monday.
source : www.calvinayre.com
Online Gambling with Bitcoin: Then & Now
Since it first became available to the mass public, online gambling has reached the status of a regular activity in today’s modern society. Shortly after its rise to popularity, a new revolutionary invention further improved gambling as a type of entertainment. The emergence of bitcoin as a cryptocurrency was disregarded as another unsuccessful attempt to replace countries’ fiat currencies. Nonetheless, its unique nature and functioning system has ultimately turned it into a worldwide phenomenon.
Back when this currency first appeared, gambling sites were not as developed as they are today. Casinos and sportsbooks were the first ones to enter the cyber sphere, offering online casino games and sports bets directly through your digital screens. Online poker rooms followed soon enough, as well as online lottery sites. The last ones are still working on the idea of bitcoin as an acceptable payment option, but they have somehow managed to retain their appeal. After all, minimum risk for a major gain is quite a worthy investment. Anyway, even if it might take some time before you can buy your USA Powerball lotto ticket using Bitcoins, the currency continues its trend of developing on new terrains.
Since its appearance, Bitcoin as a cryptocurrency has undergone major improvements. The process of transactions has become more secure, supported and enhanced, mainly due to greater support by developers everywhere who quickly became interested about it. As soon as people figured out the anonymity and security provided by the blockchain structure of this currency, online gambling operators were eager to implement it to their optimal use. In turn, this led to a rise in demand and thus in value, turning the primary Bitcoin investors into millionaires.
Nowadays, there is still a lot of work to be done in order for universal acceptance of Bitcoin on both gambling sites and online retailers. An important fact about Bitcoin is that it is a decentralized currency, meaning it is not controlled by any government. However, this also means that it is not accepted or legalized either. Numerous casino sites and online bookmakers have had to reform their services or completely distance themselves from the currency under the threat of losing their licence.
What is more, bitcoin gambling sites and bitcoin payments in general have become associated with organized crime and other illegal activities. Recent legal measures have restricted its use even further, thus influencing the currency’s value even further.
In any case, major improvements have been implemented in order to keep it afloat, making everyone hopeful about the future of Bitcoin. Continuous talks about legalizing the cryptocurrency and introducing it into the regular banking system of existing governments is one major step of immediate importance. Should it follow its general progressive trend, even online lottery players are bound to witness the possibility to play their favourite game using Bitcoin instead of their country’s currency.
