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.
What is Bitcoin’s status in 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.
Bitcoin’s 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 are legally-permitted online casinos, this is still very dangerous territory and heavy fines are in place for those caught gambling online. The Indian government also has the power to block its citizens from accessing foreign online casinos.