Digital Rupee Casino Gambling Potential

Recently India made headlines worldwide when the Central Bank of India announced that they were working on establishing a digital Rupee that will rival established cryptocurrencies for contactless transactions. 

The announcement came from Finance Minister Nirmala Sitharaman while presenting the union budget for 2022. Sitharamam stated that the digital currency will lead to more efficient and cheaper currency management systems while giving a boost to the digital economy and that the digital asset will be introduced in 2023. 

Is The Digital Rupee A Cryptocurrency?

No, the digital Rupee will be a digital version of physical cash issued by the Reserve Bank of India (RBI). The main difference is that the Digital Rupee will be backed by the Central Bank of India, whereas a government or bank does not support cryptocurrencies. The digital Rupee will be just a digital form of the legal currency of India. However, the digital Rupee will be powered by blockchain technology like other popular crypto platforms.

Legalities Of Cryptocurrencies In India

Cryptocurrencies are not considered legal or illegal, and only one country (El Salvador) has recognized Bitcoin as a legal tender. Several countries have passed laws to make crypto illegal, but due to the advantages of digital assets, many users simply overlook local statutes and continue to use and trade digital currencies online. 

Cryptocurrency value is determined by free-market forces not linked to any physical asset; therefore, many governments see this contactless transaction method too risky to legalize. Lawmakers also see the advantages and usefulness of digital assets and often don’t want to criminalize the new technology.

For now, Indian residents can use online cryptocurrencies in ordinance with local laws. Once the new digital Rupee is launched, we expect the Indian government to take a more complex look at banning cryptocurrencies. 

Will I Be Able To Use The Digital Rupee With Online India Casinos?

For now, a lot is still unknown. While there are currently legal online India casinos that accept Indian currency, there are currently none that accept the digital Rupee as the currency has not yet been implemented across the country. 

If the digital Rupee is allowed for online casinos, sportsbooks, and poker sites, it will be a hard sell for many Indian players as the government could then track their gambling ventures on the blockchain.   

Online Rupee casinos are currently available to Indian residents. Online casinos also typically accept cryptocurrencies such as Bitcoin, Ethereum, and Bitcoin Cash.