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The use of cryptocurrencies in online betting has taken a huge leap forward over the past year. The gaming industry is adapting rapidly even as the fate of private digital money in India remains in a legal vacuum.
Asian players increase crypto asset market share
Crypto currency payments made up 26% of total global betting revenue in March, as revealed by SoftSwiss Game Aggregators’ corporate report for the first quarter of 2021. A year earlier, digital money was no longer available. was used in only 6% of gambling payments worldwide. Cryptocurrencies quadrupled their share in the segment at the expense of fiat money (issued by government banks), from 94% to 74%.
The positive trend for digital currencies is mainly caused by bettors from Asian countries and the increase of crypto casinos in the region. India, with Indonesia and Japan the best performer, are the main drivers of the positive momentum in cryptos.
India is also the pioneer in the rise in popularity of Ethereum. At the start of 2021, EHT officially became the most used digital coin in Bharath. Globally, Bitcoin still holds the number one position, maintaining a dominant market share of 83% (up from 90 a year ago). Litecoin drops slightly to 3.5%, while Bitcoin Cash and Dogecoin both rise to 1.5% from less than 1% at the end of 2020.
Online gamers pay special attention to financial aspects
In his recent presentation to SEOCon Indonesia, Mattias Bergehed, co-founder and CEO of ENV Media and SevenJackpots, illustrated the importance of payment issues in the online gaming industry. Financial data is closely followed by legal and licensing issues, gaming history, types of games and their availability, as well as device compatibility.
Payment aspects are among the key decision factors for most players when choosing where to play. Security of financial and personal data, user-friendly deposit and withdrawal procedures, as well as transparency regarding possible currency conversions are all frequently asked questions by online players.
Crypto money is widely used by online casinos
Most of the best online casinos offering Andar Bahar real money games work with digital currencies. Gaming operators like PureWin.com want to offer payment flexibility to users, allowing them to use their preferred deposit and withdrawal methods. Many cryptocurrency wallets and mobile apps complement more traditional fiat currency options.
Regulatory hurdles haven’t stopped the rise of digital currencies
India’s regulatory environment for cryptocurrencies has been characterized by indecision and inconsistency for years. In April 2018, the Reserve Bank of India (RBI) issued a notice banning all trading in cryptocurrencies by financial institutions. Leading crypto operators like Zebpay, Kali Digital and Koinex were among those forced to shut down their operations.
Two years later, in March 2020, the Supreme Court ruled that the circular lacked proportionality and overturned it. According to the 180-page Supreme Court verdict, the RBI had failed to prove the damage or threat posed by cryptocurrencies to the Union’s banking system.
Nonetheless, a number of banks, including ICICI, HDFC, Axis, and Yes Bank, so far refuse to work with crypto following an informal request from the RBI. Anonymous sources in the financial industry reveal their hands are tied until the regulator changes its stance on digital currencies.
Earlier this year, the central government announced that a digital currency bill will be presented to parliament for its budget session. The purpose of the bill was to regulate and launch an official digital currency controlled by the RBI, contextually banning all cryptocurrencies issued by the private sector in the Union. Given the potential of blockchain technology, some limited exceptions for research and study purposes would be allowed.
The current version of the bill caused an uproar and was never presented to Parliament. The Ministry of Finance announced that it was in talks with the RBI to develop a very calibrated position. Crypto lobbies including the Internet and Mobile Association of India (IAMAI), Blockchain and Cryptocurrency Committee of India (BACC) and others are also in constant communication with officials from the Ministry of Finance. The business community is urging that clarity, transparency and accountability be finally brought into the Indian crypto ecosystem.
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