Cabinet Approves Online Gaming Bill: The new bill also includes provisions to ban some online games. That is, games that promote addiction, financial loss or social impact can be banned.
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Online Gaming Bill: The Online Gaming Bill was approved in a meeting chaired by Prime Minister Narendra Modi on Tuesday. After this, online betting has been made a punishable offence. This bill can be placed in the Lok Sabha on Wednesday. Online gaming will be regulated through the Online Gaming Bill. The central government says that this step will increase transparency and control in the gaming industry by focusing on all listed and unlisted companies.
The new bill also includes provisions to ban some online games. That is, games that promote addiction, financial loss or social impact can be banned.
Also, the games which will be regulated are skill-based games like chess, quiz and e-sports, it will be mandatory for companies to tell whether their game is skill-based or chance-based. KYC and data protection rules will be applicable on every platform. Time limit, spending limit and parental control will be mandatory for minors.
Impact on gaming industry
The aim of this bill is to set rules and regulations in the online gaming sector and provide a safe environment to consumers. At present, there is a lack of clear regulation on gaming companies, due to which consumers often become victims of exploitation and fraud.
After the new law, India’s online gaming industry, in which crores of users are active, will be directly affected. Especially those companies which are running games related to virtual money, real cash games or betting without any regulation, will have to change their policy.
Which games can be banned?
The bill has a provision to ban those games which promote gambling or betting. Are based on virtual money or real cash betting. Increase addiction of players and cause financial loss. Promote violent or objectionable content. This will have a direct impact on those companies which are running such games without any regulation.
It is worth noting that the size of India’s online gaming industry is more than $ 3 billion. In such a situation, real companies will benefit from the new law. Additionally, the confidence of foreign investors will also increase as the industry will now operate within a legal framework.
