The Bitcoin Series: Part 3, Bitcoins in the Indian Poker Perspective

bitcoinsindiaConsidered as one of the most debated virtual currency “Bitcoins” are gaining popularity in the online gaming industry especially in poker worldwide. India seems to be no exception with Indian poker players getting allured by the shine of the “Bitcoins”. However bitcoins have their pros and cons but from poker perspective they work to add on that extra excitement to the game. Currently online poker is driven by government approved currencies and regulations that restrict the game geographically but with acceptance of bitcoins poker’s globalization would not be far away. A uniform digital currency can bring all poker players of the world on the same platform.

In India too bitcoins are creating headlines as few people have already started using this currency for private transactions. However in India RBI (Reserve Bank of India) has not approved transactions based on bitcoins in any manner.  But one aspect is also to be considered that any sort of illegal activity is regulated by government not RBI. So legality of bitcoins remains in grey area as far as Indian law is concerned.

Some references related with bitcoin’s regulations can be obtained from “Indian virtual currency scheme” issued by RBI. RBI warns general public about risks associated with this currency and believes that linkage of any virtual currency with traditional currency poses challenge as control over speculative virtual currency is with issuer.  RBI has not formulated any sort of regulations for this currency yet and also not in the favour of doing so.

Considering there are no clear guidelines about usage of bitcoins and legality remains in grey area Indian poker rooms are not encouraging usage of bitcoins at this stage. The big fact is poker is still fighting its own battle in India so usage of bitcoins in Indian poker rooms is far away. RBI is keeping a close eye over each and every bitcoin transaction taking place in India. It is rumoured that there are over 2,000 plus active bitcoins users in India. 

In case Indian poker rooms start encouraging bitcoins they might have to face serious legal actions especially when bitcoin exchange is already under the scanner of RBI and Indian government. There are very few poker rooms like which comply to Indian laws at this stage, so acceptance of bitcoins in India for poker rooms is a dream at least for some upcoming months or may be years.

But growing popularity of this virtual currency can not be ignored too. Exponential growth value, day by day increasing acceptance and fast transaction speed makes this currency definitely a favourite for any poker player. At the same time this currency also faces strict criticism from regulatory authorities because of unacceptance by any central or monetary organisation. In fact RBI has warned public time and time again about the risks associated with bitcons.

Future of this currency looks uncertain at this stage if we consider India market but poker industry can witness dramatic transformations once this currency gets legal approval. So fingers remain crossed of all poker lovers in India and worldwide!!

To read other articles in The Bitcoin Series Click here and here!