The Effect that a Ban on Cryptocurrencies Will Have on Online Cricket Betting
The online betting world in India is very likely to face a big blow soon as the Indian government is preparing to ban private cryptocurrencies. A new bill that goes by the name of “Cryptocurrency and Regulation of Official Digital Currency Bill 2021” is all set to be passed in Indian parliament within the next month or so. In the following article, we are going to look at how a cryptocurrency ban will impact online cricket betting.
Why They Want to Ban Bitcoin and Other Cryptocurrencies
It is fair to say that Bitcoin has become one of the most popular cryptocurrencies in the world, but there are some countries, such as India, that are not fond of it. This is because cryptocurrencies do not exist in a physical form and cannot be regulated by governing bodies. In other words, the Indian government does not like that fact that they cannot control how Bitcoin is used for transactions. They have been thinking about banning Bitcoin and other cryptocurrencies for a while now.
In 2018, the Indian government attempted to ban the use of private cryptocurrencies, and they tried to replace them with a digital edition of the fiat currency. At the time, the proposal was challenged and was not passed, but the Supreme Court ruled in their favour in 2020, and the bill will eventually be passed at some stage.
Apparently, they want this ban to fall in place to prevent illegal activities such as terror financing and money laundering that can be more easily done via the use of Bitcoin and other types of cryptocurrencies. China have already imposed a number of restrictions on the use of cryptocurrency, and it seems that India will soon be following suit.
The Effects of a Ban on Gambling
Any ban in India regarding cryptocurrency would lead to a ban on dealing in Bitcoin when it comes to things such as cricket betting. Bitcoin is not just there so people can buy services and goods, Indians use it and other cryptocurrencies in order to bet on their favourite sport, which is obviously cricket.
Yes, we are aware that betting is, for the most part, strictly prohibited across India, but although gambling is banned in the country, Indians can still bet at Bitcoin sites thanks to a little thing known as the Internet. There are many online casinos that are more than happy to accept players from India, especially the best Bitcoin betting sites, since they know that many Indians love to use this currency.
When it comes to online sports betting in India, the Indian Premier League, also known as the IPL, is an event that Indians love to place bets on. It is no wonder since this happens to be the richest and biggest T20 league in the world. Whenever there is an IPL match on, millions of dollars are bet on it across India. Also, there is a new trend nowadays, and this is placing bets on virtual games. The demand for cricket and other games through mobile apps has increased, and online gaming is becoming more and more popular.
Bitcoin and the other cryptocurrencies have gained popularity over a period of time because they have helped to create new ways to gamble online. When it comes to payments, Bitcoin crosses the borders more easily because it is not traceable. Also, when people are gambling, they often like to remain anonymous, and this is where Bitcoin and other cryptocurrencies come in use. You can deposit a large amount of money somewhere using Bitcoin, and nobody will be able to tell that it was you who made the transaction. This is great because nowadays banks are refusing loans to those who gamble – so people can use crypto to bet on their favourite sports and still get the loans that they need.
Recently in India, an online betting racket worth 1000 crore was found, and they had been using cryptocurrency in order to remain hidden. If this new Bitcoin law ban does eventually get put in place, they would definitely weigh heavily on India’s cryptocurrency ecosystem. It would eventually lead to tighter security checks, and inspections for all types of gambling, with or without cryptocurrency.
Those bettors who relied on cryptocurrencies such as Bitcoin will end up having to find another way to make their bets, such as making use of fiat currencies or placing bets outside of the country. If this law comes into being, then you can expect to see quite a big dip in the number of bettors in India. Also, the amount that is bet would also decrease quite dramatically until gambles find a good substitute to carry out their online betting. This means that many of the best online gambling sites will probably think twice about accepting players from India as it would not be worth their while.
China Is an Example of What Could Happen
One need only take a look at China to see what could happen when the ban comes into being. When China banned the use of cryptocurrency in 2017, the price of Bitcoin dropped by 6% almost right away. So, if the ban goes through in India, we would not be too surprised to see a similar, or just slightly lower, drop. Also, Bitcoin had to close its trading operations in China, and they would likely have to do the same in India whenever this new law is put into place.
So, the restrictions will not only have an impact on online gambling, but it will also have a negative impact on traders and investors that deal in Bitcoin. This means that many companies that are currently operating in India using Bitcoin might opt to leave the country and take their business elsewhere, which will obviously have a negative impact on India’s economy. So, maybe the Indian government will want to think about this more closely before they go ahead and set the bill in motion.
Whatever Happens in India Will Not Have Much of an Impact on Cryptocurrencies
Whether the ban goes through or not in India will not have much of an impact on cryptocurrencies on the whole, since gambling using cryptocurrencies is something that becomes more popular with each passing year. Using crypto to play classic table games such as roulette and blackjack at casinos is something that continues to surge, and the value of crypto currency, as can be seen here, is something that continues to rise. So, ultimately, the decision to ban crypto in India is something that is just going to have an impact on those who gamble in India as well as the country’s economy.