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Crypto betting is seen as the next big thing in India here are the further details
The market for cryptocurrencies worldwide is continually expanding, and according to Crypto.com, the number of cryptocurrency owners worldwide rose by 39% last year. According to estimates, over 425 million people now generate money using cryptocurrencies, a significant increase from the predicted 306 million owners in 2021.
One of the nations with millions of cryptocurrency users is India. According to a 2017 Forbes study, there are roughly 15–20 million cryptocurrency investors in India with holdings of US$4.3 billion.
Indian cryptocurrency owners now use their coins in a variety of ways. There are already e-commerce sites that take them, but if there is one activity that a lot of them engage in, it's certainly cryptocurrency online betting in India.
Ownership Of Crypto in India
India is ranked second overall in the Chainalysis 2021 Global Crypto Adoption Index, behind Vietnam. This is true despite rumors that the government will impose a 30% tax on cryptocurrency transactions.
In India, 14.7% of people owned cryptocurrency as of November 2021, according to Finder's Report. April 2022 saw a doubling of this to 29.9%.
Why Indians are Using Cryptocurrencies to Gamble Online?
Whether it involves online gambling or not, convenience is the major reason why anyone would utilize cryptocurrency online.
However, online casino operators are increasing the appeal of using cryptocurrencies like Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and many others when playing for real money.
The majority of cryptocurrency users can take advantage of some of the best promotions and incentives at online gambling sites. Some online casinos, like Bitstarz, provide a 5 BTC welcome bonus to brand-new cryptocurrency players.
That's because cryptocurrency casinos can afford to provide such bonuses. After all, processing cryptocurrency payments is typically less expensive. Other sportsbooks like 1xBet, BC. Game and GGBet also give specific prizes to cryptocurrency players.
The Central Bank Governor Asks for Cryptocurrency Ban in India
Even while the use of cryptocurrencies is expanding in India, there will inevitably be others who are skeptical of their potential. Shaktikanta Das, the governor of India's central bank, has said that the value of cryptocurrencies is purely fictitious.
Every asset and financial instrument must have some underlying (value), but there is none in the case of cryptocurrencies, according to Das. not a single tulip...Additionally, the rise in the market price of cryptocurrencies is purely fictitious.
Additionally, he clarified that it is purely speculative and a type of gambling. He continued by saying that as gambling is illegal in India, cryptocurrency should also be outlawed.
Das also discussed the danger that cryptocurrency poses to central banks.
"Please trust me; these alarm signals are not fictitious. We predicted that this entire system will most certainly collapse sooner rather than later in the Reserve Bank a year prior. And I don't think I need to say anything else when you consider how things have developed over the past year, culminating in the FTX episode.
Das, though, is not opposed to the digitization of transactions. He did declare that he was in favor of central bank digital currencies (CBDCs) and described them as the currency of the future.
Regarding the governor’s call from the Central Bank, no substantial answer has yet been made public.
Nirmala Sitharaman, the finance minister of India, claims that to evaluate the advantages and disadvantages of the sector and for the taxonomy, there needs to be international cooperation on cryptocurrencies.
According to Sitharaman, "Any legislation for regulation or banning can only be effective after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards."
Sitharaman, though, appears to concur with Das' ideas.
She claimed that the value of cryptocurrencies is mainly based on unfounded speculation and unrealistic return expectations. It differs significantly from fiat currencies, which are supported by laws and accepted as legal money.
Despite these remarks from the government's financial branch, it's still likely that India will regulate cryptocurrency use rather than impose a general ban.
The likelihood that cryptocurrency transactions may be taxed exists, and if that occurs, crypto betting in India may suffer significantly.