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Bitcoin faces slim chance of becoming valid payment system in India

Bitcoin faces slim chance becoming valid payment system 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 India’s 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 power—under the Payments and Settlement Systems Act of 2007—to 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.

Bitcoin’s popularity in India experienced a surge in late 2016 after the government banned 500 and 1,000 currency notes.

BTC China COO quits

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 China—a position he’s held for the past two years.

Today’s my last day at @YourBTCC. It’s 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 was leaving the company “to be with his family in Canada.”

Bitcoin Casino India

When it comes to online gambling, India is currently in its infancy stage. Since gambling in India is a state subjected activity, different states have different laws formulated for casino activities. However, for the online gambling activities, the IT Act of the country regulates all the casino activities and payment gateways for any illegal gambling site. But there is no specific law drafted in India which restricts individual users from placing casino bets online.

People in India are highly engaged in playing lotteries, sports betting especially cricket, poker, and horse racing. Poker is a grey area in Indian gambling law. It’s interesting that games such as Texas Hold ‘em and Teen Pati are banned whereas Rummy is allowed. Most of the online gambling is illegal. With the recent surge of bitcoin popularity across the world, bitcoin casinos have opened up another new gambling avenue for Indian customers. In this guide, we will discuss how to play bitcoin casino in India.

Play at an Indian bitcoin casino

There are currently no online casinos licensed in India. Since there are no casinos with the gambling license in India, players are left with two methods to play bitcoin casino in India. That means Indian players need to play on the foreign sites with license and no license using the VPN option.

In this post, we will talk more about the advantages and disadvantages of both the methods so that you can pick right option as per your convenience. The government of Costa Rica and Curacao licenses most of the online gambling casinos. It is recommended that Indian players check the rules of the specific website beforehand and get connected to support team. We have shared the list of bitcoin casino India that offers gambling service to the players in India. These online sportsbooks and casinos offer live games, slots, poker and many different casino games to the users.

We checked with few of the chat support teams for a couple of gaming developers to find out the availability of the casino games in India. We found out that most of the games from developers like SoftSwiss, NetEnt, Amatic and Endorphina are available for the bitcoin casino players in India. However, some games might favourite in few states due to a ban on online gambling. To bypass the restrictions, bitcoin casino players can use VPN service. The players can also check with support team before signing up for the online casino.

The benefits of using VPN service gives you the option to choose a casino based in a foreign country with legal gambling policies. It is also to be noted that while some of the online casinos do not ask for the verification of your identity, there are many casinos where you need to prove your identity while withdrawing the money. However, the possibility of getting verified is fewer offers with casinos bitcoin casinos.

In India, it would be easy to play on most of the licensed online casinos. As a player, it would be your duty to make sure that you do not indulge in any illegal activity while playing. You need to be responsible and follow the local jurisdiction gambling law to avoid any grave consequences. The most straightforward thing is to speak to the support team, and they will let you know if you are eligible to play or not. Bitcoins allow users to maintain their identity which is a big plus for bitcoin casinos.

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