CryptoCoinsInfoClub.com

Bitcoin Gambling Legal In India

Bitcoin Casino India - Bitcoin Gambling Machine Games India

Bitcoin Casino India - Bitcoin Gambling Machine Games India

Bitcoin Casino India - Bitcoin Gambling Machine Games India As many of our readers will be aware, the access to Bitcoin and what you can do with it depends on the place you are in. As the status of Bitcoin can vary greatly in each jurisdiction and the legal consequences of what you can do with it can also be quite different. It is important to keep yourself informed of what the status of Bitcoin is in your jurisdiction and what the repercussions are if you are an online gambler and want to use Bitcoin to finance your gambling. The latest country we are going to have a look at is India. Recently it was announced that the Indian government had formed a special committee to debate what the legal situation for the cryptocurrencies should be in the country and how they can go about implementing it. The government also appealed to its citizens for their opinions on what should be done with the cryptocurrencies. Bitcoins status in India has not been so clear. In 2013, the Reserve Bank of India issued a warning to people using Bitcoin and other cryptocurrencies as it was unclear what could happen from a legal or security viewpoint. In 2017, an online petition was circulated and gained a lot of attention as it called on lawmakers to legalise cryptocurrencies. What is the legal status of online gambling in India? While gambling is legal in some Indian states such as Goa and Sikkim and there are some brick-and-mortar casinos in these places. However, online gambling is still a growing industry in India. Much like the United States, gambling laws in India are set at state level and the legality of gambling can vary depending on the state you are in. Sikkim initially planned to offer online gambling licences but so far this has not come to fruition while in Maharashtra. Until there Continue reading >>

Simons Guide To Online Gambling In India

Simons Guide To Online Gambling In India

There is a mobile optimized version of this page, view AMP Version . The legal status of both land-based and online gambling in India is rather complex. The main reason for this is that India, the second most populous country in the world, consists of 27 states, all of which has its own government. While the central government of India used to have larger importance, state governments have grown increasingly stronger and more independent. As a result, gambling laws in India vary from state to state. The first law to take into consideration regarding the legal status of gambling in India is the 1867 Public Gambling Act.* This was a law introduced while India was under British rule. The law states that both owning and being found in a public a gaming house is illegal and punishable by a fine or imprisonment. Games of mere skill are excluded from the act. The legal status of poker is somewhat controversial (see poker in India below), but the general consensus seems to increasingly that poker is a game of skill and thus legal. Horse racing in India is also considered a game of skill, which means it is not prohibited. States are allowed to operate a lottery in accordance with the 1998 Lotteries Act**, but not all states have their own lottery. Casino gambling is also allowed in a few states, but generally illegal in the country. Online gambling in India is not specifically regulated. It is generally considered illegal based on the general prohibition of (brick and mortar) gambling, but there have been practically no reports of the law enforced when it comes to online gambling. A single Indian state, Sikkim has its own online gambling regulation, the Sikkim On-line Gaming (Regulation) Act, 2008 followed by the regulation regarding online gambling licences. The act allows Rou Continue reading >>

Is Use And Dealing In Bitcoins Legal Or Illegal In India?

Is Use And Dealing In Bitcoins Legal Or Illegal In India?

Online Gaming And Gambling Laws And Regulations In India E-Sports And E-Gaming Laws And Regulations In India, Internet Games Laws And Regulations In India And Online Poker, Rummy, Card Games, Chess, Lotteries In India Is Use And Dealing In Bitcoins Legal Or Illegal In India? Bitcoins are gaining worldwide acceptance among the digital communities and netizens. They are also becoming an acceptable mode of payment among the e-commerce, online gaming and online gambling industry. Many enthusiastics in India has started accepting Bitcoins for various purposes without realising that use of such Bitcoins in India may be illegal and punishable. The Central Government and Reserve Bank of India (RBI) have the powers to issue bank notes and coins respectively. Thus private individuals or companies cannot issue bank notes or coins unless authorised by the Central government or RBI. However, till now neither the Central Government nor the RBI has authorised any person or institution to issues, use, generate, mint or mine Bitcoins in India. RBI has not yet formulated regulations to govern trading or profits generated from Bitcoins. RBI does not consider Bitcoin legal tender and, therefore trading in Bitcoin is not legal. Obviously, there cannot be regulations from RBI for an illegal activity. People who use it, do so at their own risk and responsibility. Regulators are studying the impact of online payment options and virtual currencies to determine potential risks associated with them. Some guidance can be obtained from the Indian virtual currency schemed issued by RBI . However, Bitcoins, their functionality and legality of use in India is still a grey area. The Information Technology Act, 2000 (IT Act 2000) is the cyber law of India that governs the online acts or missions in the Continue reading >>

Bitcoin Is Neither Legal Nor Illegal In Indiaand Everyones Confused

Bitcoin Is Neither Legal Nor Illegal In Indiaand Everyones Confused

Confusion reigns in Indias cryptocurrency ecosystem. The Narendra Modi government and Indias central bank have made it amply clear they arent comfortable with virtual currencies. The recent spike in bitcoins value, which attracted hordes of investors , has only made the government more vociferous in its criticism. However, these announcements dont make these virtual currencies, or trading in them, against the law. So, their status is in a curious limbotheyre neither legal nor illegal in India . On Nov. 30, 2017, when investor frenzy was at a high with rising bitcoin prices, finance minister Arun Jaitley said the country doesnt recognise cryptocurrencies as legal tender . Almost a month later, the government cautioned people against investing in them, warning that they are similar to fraudulent investment schemes and have no legal status yet. There is a real and heightened risk of (an) investment bubble (in virtual currencies) of the type seen in ponzi schemes which can result in (a) sudden and prolonged crash exposing investors, especially retail consumers, losing their hard-earned money, the finance ministry said in a notification on Dec. 29, 2017 . Consumers need to be alert and extremely cautious as to avoid getting trapped in such ponzi schemes. Again, on Jan. 02, Jaitley reiterated the governments position in parliament, saying people are betting their money at their own risk. Through multiple notifications, the two parties (the government and the RBI) have notified the public time and again that bitcoins will not be considered lawful or legal tender in India, he said. However, this doesnt immediately render these currencies illegal. Not being legal tender is not the same as it being illegal, explained Rishabh Sinha, a counsel at law firm TRA. The difference is th Continue reading >>

Is Bitcoin Gambling Legal?

Is Bitcoin Gambling Legal?

Home / News & Info / Is Bitcoin Gambling Legal? Dan Dine March 29, 2016 News & Info Leave a comment 1,717 Views The Current State of the Bitcoin and Gambling Industry From aLegal Point of View Bitcoin is becoming a widely popular commodity and is thus beginning to garner the attention of governments worldwide. It is important to understand how to ensure you keep your bitcoin gambling habits to a legal habits and protect yourself while operating a btc casino. It is equally significant to ensure that it is legal for you to wager on bitcoin casinos. Licensing is an area of some confusion. There are different types of licenses that can make a significant difference. For instance, while the United States prohibits most from processing gambling payments, it does not regulate Native American Indian Tribes from doing so. A license in conjunction with a native tribe will hold a lot more weight in United States operations than other licenses. Many small countries like The Isle of Man, Gibraltar, and Costa Rica offer licensing for bitcoin casinos. Companies that seek licenses from these nations are required to host their games there. This is often circumvented by placing one backup server directly in the country and then running the bitcoin casino itself in a place that is more convenient to the business. Bitcoin casinos have two motivations for obtaining these licenses. First, they give the bitcoin casino a verifiable means of showing they are licensed and regulated. Secondly, it gives the company a legal standing to show that they are operating within the law of the country they are located in. Offering bitcoin casino services to other countries is where potential problems exist. While the bitcoin casino is following the law of the country they operate from, local authorities i Continue reading >>

21 Best Bitcoin Casinos Reviewed - (bitcoin Gambling Guide 2018)

21 Best Bitcoin Casinos Reviewed - (bitcoin Gambling Guide 2018)

Gamble with Bitcoin and not with Your Privacy This is especially the case with digital currencies such as bitcoin, which is also responsible for the introduction of provably fair protocols on bitcoin casinos throughout the world. With estimated 2.9 to 5.8 million unique users, Bitcoin popularity as cryptocurrency is growing steadily. Characteristically being a better partner for internet transactions, it is set to change the way we use the internet. Many online casinos are quick to see the unique advantages (discussed below) of being a bitcoin casino and started adding bitcoin to their payment systems. The Numerous advantages of Bitcoin Casinos will change the Gambling World [To fit all in one line, certainty with hashing, security and privacy with anonymity and cheap(almost free) and agile transactions are all possible with casinos that accept bitcoin deposits] It is hard to determine which of these bitcoin casino advantages is the best, as they are all, in an ideal case are all must-haves for every online casino. To start, lets talk about bitcoin transactions. Unlike traditional payment methods, Bitcoin transactions are fast and easy. All you need is a good bitcoin wallet and best bitcoin casino site and you can start playing your bitcoin casino games in minutes. How about almost no transactions fee! Yes!, with bitcoin as a mode of casino deposit, you dont have to worry about 2%-20% of deposit amount as transactions fee (all other traditional payment modes like Paypal, banks, credit cards, wire transfers charge transaction fee). There is no certain percentage of transaction fee, however, small processing charges are involved in bitcoin transactions these days, but no matter how many bitcoins or satoshis you want to deposit, the processing fee range wont cross 10-30ce Continue reading >>

What Would Be The Legal Status Of Bitcoin In India?

What Would Be The Legal Status Of Bitcoin In India?

What would be the legal status of Bitcoin in India? This is the best answer on quora about the legality of bitcoin in India. If you dont find it usefull feel free to downvote. Indian laws do not define digital currency or virtual currency, so we will have to look at the traditional definition of currency to see if Bitcoin falls in that definition. The term currency is defined in section 2(h) of the Foreign Exchange Management Act, 1999 (FEMA) in the following words: currency includes all currency notes, postal notes, postal orders, money orders, cheques, drafts, travellers cheques, letters of credit, bills of exchange and promissory notes, credit cards or such other similar instruments, as may be notified by the Reserve Bank; It is notable here that this is an inclusive definition which means that it has a large scope for expansion. The legislature has consciously made the definition capable of further expansion by making it inclusive and also by giving the Reserve Bank of India (RBI) the authority to notify other similar instruments. This means that if any instrument which is being used as a currency is not covered by the definition as it stands, then the RBI is free to notify it and include it in the definition of currency. All currency other than Indian currency is considered by the FEMA as foreign currency which would have to then comply with various rules and regulations under FEMA. This means that if Bitcoin is classified as a currency, it would have to come under the definition of foreign currency and Bitcoin transactions would therefore have to comply with the entire foreign exchange regime under FEMA. It is clear that Bitcoin is not really similar to any of the instruments mentioned in the definition, not least because none of them are digital or virtual in na Continue reading >>

Gambling Laws In India - Regulation And Jurisdictions On Gambling

Gambling Laws In India - Regulation And Jurisdictions On Gambling

India has a huge population of well over one billion people. It is, therefore, probably no surprise that there are plenty of people who enjoy gambling in this region. Sports betting is very popular, particularly on cricket, as is horse racing betting. Casino gambling and playing poker are popular pastimes as well. Despite the popularity of gambling in India, its technically prohibited in most of its forms. There are some exceptions, but there is very little in the way of legalized and regulated gambling. Much of the legislation which relates to gambling is very outdated and decidedly unclear. This is especially true when it comes to online gambling. As a result, its very difficult to determine exactly whats legal and whats not in India. The legalities of gambling have been the subject of extensive debate in the region for many years, but there hasnt been much progress in terms of clarifying things. The fact that there is gambling related legislation at both federal level and state level makes things even more confusing. On this page, we explore the subject as best we can, by looking at the legislation which is in place and how it can be interpreted. The main piece of legislation relating to gambling in India is the Public Gaming Act of 1867. This act initially applied only to the ten states which were under British control at the time, but was subsequently amended to incorporate all other states. There have been some other amendments too, but the laws remain in place despite the fact that they are over 100 years old. You can read the Public Gaming Act in full here . The Public Gaming Act made it illegal to operate a venue where gambling took place. It also made it illegal to visit such a venue. While this is clear enough, theres no precise definition of gambling within Continue reading >>

Bitcoin Gambling In India

Bitcoin Gambling In India

Gambling itself is illegal per se, so any form of gambling which includes bitcoin gambling or gambling your immovable properties are all llegal but the punishements are usually a slap on the wrist. Of course it is legal in certain states where you can gamble in registered casinos etc. But generally if you are into gambling it is a safe idea to keep it silent rather than let the whole world know you are gambling. Personally I would never advice gambling, it costs far more than what you will stand to make as a profit and there are literally a million other avenues to make good money with only a fraction of the risk. OP - Are you from India? If yes then are you not aware its illegal in India other than in Goa where you have casinos. Kindly do not gamble with btc or money unless you are sure about rules and regulations about the place. It is illegal in india but their are so many gambling sites who are accepting indian users, but i think gambling through bitcoin wont get you in problem until you are not a big bets gambler. In india,black marketing has lvl of its own.zebpay is trying to indulge people in bitcoin,let's hope for the same. Mainly gambling with inr is famous in india.there are plenty of website,shop and areas where gambling at major rate is held. Hope that bitcoin will take over native currency. Its a grey area in India, if you are advertising it that you have been gambling with bitcoins, then it probably will be illegal as you won't be reporting any taxes on it. But I doubt you will land up in any significant trouble. is bitcoin gambling in India is legal. I do not see any problems with those overseas, but here i heard from someone that its illegal, thats why am asking Quote from: bitcoinisfurture on July 27, 2016, 11:15:11 AM OP - Are you from India? If yes t Continue reading >>

Bitcoin Faces Slim Chance Of Becoming Valid Payment System In India: Report

Bitcoin Faces Slim Chance Of Becoming Valid Payment System In India: Report

Digital currency bitcoin continues to get shunned in India. After warning residents against the use of the popular cryptocurrency, reports now surfaced that the Reserve Bank of India (RBI) has no plans of including bitcoin in the list of legal forms of digital payments in the country. A report published by Indias The Telegraph suggested that attempts by bitcoin players to come under the ambit of the new body are unlikely to succeed as the government and the RBI are not in favour of legitimizing bitcoins as legal tender. The Indian central bank has been awarded the powerunder the Payments and Settlement Systems Act of 2007to regulate the digital payments industry of India. Several weeks ago, the central bank told traders that dealing with virtual currencies will be doing so at their own risk since RBI has not given any license or authorization to any company to operate such schemes or deal with bitcoin or any virtual currency. This prompted the small but growing local bitcoin industry to form the Virtual Currency Association, which has since set out to lobby the government to recognize and license bitcoin trading in the country. Bitcoins popularity in India experienced a surge in late 2016 after the government banned 500 and 1,000 currency notes. Less than a day after extending its bitcoin withdrawal freeze , Shanghai-based bitcoin exchange BTC China made headlines again after one of its executives announced that he is quitting. Samson Mow announced last Friday that he was stepping down from his position as chief operating officer of BTC Chinaa position hes held for the past two years. Todays my last day at @YourBTCC. Its been an incredibly eventful and exciting 2 years working with @bobbyclee to make #bitcoin great again, Mow tweeted. BTC China CEO Bobby Lee said Mow w Continue reading >>

Online Gambling With Bitcoin: Is It Legal?

Online Gambling With Bitcoin: Is It Legal?

Online gambling is growing rapidly as the amount of wagers worldwide is expected to surge jumping from US$550 billion in 2016 to nearly US$950 billion by 2021, according to a The industrys growth comes with an increase in the number of online gambling websites offering customers with the ability to use bitcoin and other cryptocurrencies to wage. There are many obvious reasons why cryptocurrencies are good fit for online gambling, starting first with the (quasi-)anonymity of transactions when using these media of exchange. This comes with their user-friendliness and ease of use during transactions which are quick and simple in contrast to existing methods. Regulation-wide, bitcoin online gambling stands in a grey area in many jurisdictions. Online gambling itself is regulated differently around the world: some countries have no restriction whatsoever, other nations have opted for a straight ban, while others are requesting specific requirements from operators. Nearly every game can be played online today, from popular Online-PokerorBlackjackto all kind of different slots machine gamessuch as Monopolyor Game of Thrones. The United Kingdom Gambling Commission (UKGC) was among the first authorities in the world to raise the question of whether or not bitcoin gambling websites required specific rulings. In August, the UKGC gave the green light to UK licensed online casinos to accept bitcoin as a deposit and cash out method but further said it had reservations about it in terms of proper regulation, noting that these platforms could be used to launder money. Bitcoin-friendly operators must satisfy themselves and the Commission that they can meet their obligations for anti-money laundering and for social responsibility, UKGC said, as Earlier this year, the government of the I Continue reading >>

Legality Of Bitcoin Gambling

Legality Of Bitcoin Gambling

The legality of online gambling is a gray area in several parts of the world. Some countries have no restrictions against online gambling, but other nations are staunchly opposed to internet gambling. Some of the countries that have either banned online gambling or placed restrictions on it include the following nations: Imposed in 2001, the Interactive Gambling Act (IGA) makes it illegal for companies to provide online gambling services to residents of Australia. The IGA targets both offshore and Australia providers of internet gambling services. Some concessions are made for online sports betting providers since its not illegal to offer internet sports betting to Australian residents. It is also totally legal for Australian residents to engage in online gambling so long as they are not a provider. China does not allow internet or land-based gambling throughout their country. The only form of gambling thats legal in China is the national lottery, but this doesnt offer an online option due to internet scams involving fake lottery sites. Macau, which is a special administrative area of China, is the lone territory where Chinese citizens can go to gamble; however, the government has made it hard for people to get a visa to Macau. Online gambling is neither legal nor illegal in India; instead, it is a silent issue. However, the state of Maharashtra has banned online gambling through the Bombay Wager Act. Israels gambling legislation (Israeli Penal Law 5737 1977) makes land-based and online games of chance illegal in the nation of Israel. The only exceptions to this law are the Israel Lottery and the Israeli Commission for Sports Gambling; both freely offer their services to Israel residents. Internet gambling operators are not allowed to offer their services to Malaysians Continue reading >>

Bitcoin Betting - Guide To Betting With Bitcoin From Inida

Bitcoin Betting - Guide To Betting With Bitcoin From Inida

Coindesk offers the latest exchange rate for BTC in USD . As you can see, it has experienced a fair amount of volatility in the short time since its inception. Many see it as the currency of the future with potential valuations of $10,000+ per BTC, while many others see it doomed to failure. However, no matter what the long term future holds for the currency, it is a perfect fit as a payment method for online betting . This is because of the unique properties of cryptocurrencies. We will explain more below. Essentially, cryptocurrencies such as bitcoin are each made up of their own peer to peer ledger. This ledger is updated through the process called mining, which is the crowd-sourced system of transaction validation. All users receive this updated ledger each time they login to their wallet. However, while the transaction history is shared among the crypto-currency network, personal identities can remain anonymous. This allows for both transparency of the currency, but also privacy of the users. For a quick and simple explanation of bitcoin, check out this video. For an explanation in Hindi, click here . Ledger: This is a digital record of all bitcoin transactions that have ever occurred. When you download a bitcoin wallet, your computer will download all transactions of bitcoin all the way back to the very first one. As you can imagine, this can take several hours, but it only has to do it once. However, this is how the system verifies the ownership status of all outstanding bitcoin. Each time a new transactions occurs, a new entry is made in the shared ledger, and all participants are made aware. It isnt anything you have to worry about, your wallet software will do it for you. Mining: Bitcoin in particular has a set amount of units that will ever be released, it i Continue reading >>

Simon's Guide To Online Gambling Laws

Simon's Guide To Online Gambling Laws

BLUE Online gambling is either legal or not regulated, players can freely play online (for a list of websites, where you can play online click on the flag of your country or its name in the table below) YELLOW Players, who place bets online are not actively prosecuted, but the legal environment is very hostile towards online gambling, we do not recommend playing from these locations (a few online casinos still accept people from these locations, click on the flag of the country or its name in the table below to see these websites) RED Online gambling is illegal and players are prosecuted, we definitely do not recommend playing online from these countries This list took more than a year to put together. Please, if you found it useful give it a +1. Much appreciated. Legal status of online gambling in Europe and Russia Click on the flag or the name of the country for more information and a list of online gambling websites, which accept players from that country. UPDATE: The websites of the countries below are completed, to access them click on the name of the country or on the flag. You will find information about the legal status of gambling in thatparticularcountry and websites, whichacceptplayersfrom thatcountry. These countries are not yet added to this table and the interactive map. Im adding them as fast as I can. Legal status of online gambling in Central America Click on the flag or the name of the country for more information and a list of online gambling websites, which accept players from that country. Explanation of thedifferent online gambling legal statuses: legal: that specific form of online gambling is legal and regulated, and also, no license is required, you can freely play in any online casino, which accepts your registration not regulated:that specifi Continue reading >>

Laxmicoin, Is It Going To Be Indias First Legal Indian Cryptocurrency?

Laxmicoin, Is It Going To Be Indias First Legal Indian Cryptocurrency?

Laxmicoin, is it going to be Indias first legal Indian cryptocurrency? written by Koustav Shaw November 22, 2017 When the whole world is busy with Bitcoins and other foreign cryptocurrencies, India found its own, and thats too long before cryptocurrencies were cool. It seems that India might soon have its very own cryptocurrency, dubbed the Laxmicoin. Launched in the year 2012, Laxmicoin has been fighting the good fight of legal quagmire being trapped among several non-fiat currencies across the world. A paper currency is any currency that has no physical value, but government decree establishes its value. Similarly, maximum national currencies around the world, including the Rupee and the Dollar, are paper currencies as the government dictates their values. Non-paper currencies such as the Gold Standard have more or less efficiently been phased out, as they require enough physical stockpiles to maintain their worth. However, the new category of digital cryptocurrencies such as Bitcoin makes the boundaries hazy between fiat and non-fiat currencies as they dont have any intrinsic value as such but are not government-controlled either. It has created a severe confusion about their role in the modern financial system. Lately, Sudharshan Sen, RBI Executive Director said that the centre is very uncomfortable with non-paper currencies, stating Bitcoin as a particular example. In such a case, the future of Laxmicoin, Indias very own non-fiat cryptocurrency remains still in the dark. Created and developed by Raj Dangi and Silicon Valley-based Mitts Daki created Laxmicoin, a digital cryptocurrency. According to the founders, Laxmicoin is believed to have a total coin supply of more than 30 million that will use blockchain technology just like Bitcoin does. However, the 2014 act Continue reading >>

More in bitcoin