The legislation prohibits advertising or endorsements of platforms facilitating online games that involve monetary transactions. It proposes to bar banks, as well as non-banking financial bodies, from facilitating any transaction involving online money games. According to sources, the decision followed three and a half years of deliberations.
The rise of in-app purchases, virtual currencies and reward systems has only blurred these legal boundaries further, creating the need for a centralised framework.
Concerns like addiction among children and youth, mental health issues, financial losses, cross-border and inter-state operations facilitating in some cases of money laundering and terror financing form some of the focal points of the Bill, said sources.
