India is among the countries with a significant number of cryptocurrency users, with approximately 15-20 million investors holding cryptocurrencies valued at around 4.3 billion USD, according to a report by Forbes. The country ranks second in the Chainalysis 2021 Global Crypto Adoption Index, despite rumors that the government plans to tax crypto transactions up to 30%.
One of the ways Indian crypto holders are using their cryptos is for online betting, with many e-commerce platforms accepting cryptocurrencies. Online gambling operators are making it more enticing for their customers to use cryptocurrencies, offering exclusive rewards and bonuses. Crypto casinos, in particular, can afford to offer such bonuses as it’s generally cheaper to process crypto payments.
However, the Central Bank Governor, Shaktikanta Das, is calling for a ban on cryptocurrencies, saying that their value is nothing but make-believe and that they pose a threat to central banks. India’s finance minister, Nirmala Sitharaman, is calling for a global collaboration on cryptocurrencies to assess the industry’s pros and cons and for taxonomy. Despite these comments, it’s still likely that India will regulate cryptocurrency use instead of placing a blanket ban. It’s uncertain whether crypto betting in India will be affected, but for now, crypto gamblers can still proceed with placing their bets on offshore online casinos.