INDIAN GOVT law commission recommended crypto !! Positive enough??
Hello Friends,
I am hoping all of you doing good. Today I am going to share a positive news flying in Asia region.
Recently law commission appointed by Indian government submitted a positive report . This law commission recognized crypto currencies as a medium of payments. This is a big news for Indian crypto lovers and promoters as we have seen lots of negative news in past from Indian officials .
It is important to point out that this is very first time any official government body coming up with such positive attitude toward crypto.
If you are interested to read full report here - http://lawcommissionofindia.nic.in/reports/Report276.pdf
it is a 145 page report but here is what I found positive in it-
This statement clearly saying crypto should be a medium of gaming transection.
Thing to remember here that its not a recent development , this commission was appointed after the hearing at Indian supreme court on July 2016 . Supreme court of India asked Government to identify if gambling can be legalized in India or not.
Law commission mentioned in report that gambling via cryptocurrency is a good deal and they recommend that the gambling transection should be made using cashless method like , debit cards, credit cards, crypto currencies.
We all know that there are lots of things going on right now in Indian market about crypto and its uses and to me such positive report from Government body would help and support other pending hearing at supreme court about legalization of crypto and removing ban forced by RBI on crypto trading.
I can understand that report is for gambling legalization in India but mentioned Cryto and tax system implementation over it is a clearly positive signal for upcoming days in India.
Thank you for reading me far, if you like give it a up-vote, it helps me a lot, if you don't like it, leave a comment telling why, maybe we can start a discussion about it.
Have a great day ahead.
Regards,
Sunil Tikar
Steemit - @suniltikar
hello, can you give me your mobile number
that does sound like they're taking crypto seriously now. Thanks for sharing this!
Hello @gametestplay,
Thanks for sharing your feedback. As I mentioned this government body appointed in 2016 but they submitted their report recently. there are few positive wave going on right now on indian market ,lets hope for the best and get crypto rolled in indian market.
Crypto will get a boom after indian govt withdraw all the action against it
Hello @dpalash124,
Agreed . Lets hope after supreme court hearing on coming September will open some gates for crypto investors. Thanks for sharing feedback.
Yes let's hope so
And it will occur in near future
india government still under confusion , they are still not sure what they are going to do , decentralize is the way to act fast with minority of public not the politician , may be it close the loop holes of wrong transaction
Hello @woodparker,
you are kind of right that they are bit confused but its better then negative right? lets hope their confusion get resolved soon and we will see positive moves from indian government.
yeah! something is better then nothing
Nice