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Government Panel Calls for National Online Gaming Law; Ethereum completes merger – Economic Times | Omd Cialis

A panel of senior government officials that has been drafting regulations for the country’s online gambling sector for months has called for a regulator and federal rules to regulate the sector and crack down on pure gambling, according to a Reuters report.

gambling law

Photo credit: Giphy

Also in this letter:
■ Ethereum lowers energy consumption with “Merge” software upgrade
■ Chaos in Bengaluru: Is India’s Silicon Valley dying?
■ Sea’s top management waives salaries in the course of cost cutting


Indian body urges regulator to draft new online gambling law: report

play online

India should create a regulator to classify online games by skill or chance, introduce rules to block banned formats and take a tougher stance on gambling websites, Reuters reported on Thursday, citing a government panel’s report.

Industry defining: The body has been drafting regulations for the country’s online gaming sector for months, where foreign investors like Tiger Global and Sequoia Capital have backed start-ups like Dream11 and Mobile Premier League.

The highly anticipated report is set to shape the future of India’s $1.5 billion mobile gaming industry, which is estimated to reach $5 billion by 2025.

Also read | The Online Gaming Task Force may set spending limits within

Disputable topic: The development comes amid growing concerns about gambling addiction and “inconsistent state laws” disrupting business.

The simple definition of games has been controversial. The Supreme Court has said that the card game rummy and certain fantasy games are skill-based and legal, but at least one state court has classified games like poker as random or similar to gambling, which is illegal in most states.

Driving the news: In its August 31 confidential draft report, the panel of government officials called for the creation of a new regulator under India’s IT Ministry to determine which online games qualify as games of skill and then “seek compliance and enforcement.”

The 108-page report also states that India needs a new federal online gambling law that offers regulatory flexibility “with penal provisions and government blocking powers against prohibited gaming formats.”

What’s next? The IT Department will finalize the report after receiving further comments from members of the panel. It is then submitted to the Cabinet Secretariat for approval. There is no timeline for completion.

Google allows some Indian fantasy gaming apps: The news comes a week after Google Play announced that it is conducting a limited-time pilot program that will allow distribution of Daily Fantasy Sports (DFS) and rummy apps to users in India by India-based developers.

Also read | Google has been criticized for only allowing fantasy sports and rummy apps on the Play Store in India

Currently, such apps – including Dream11, Mobile Premier League and many others – are not available on the Play Store as they fall under the gambling sphere. The pilot project is scheduled to run from September 28, 2022 to September 28, 2023.


Ethereum lowers energy consumption with software upgrade “Merge”.

ether

The Ethereum blockchain has successfully completed the “merge,” a major software upgrade that will drastically reduce its power consumption, its inventor tweeted Thursday.

The upgrade, which will change how transactions are processed and how Ether tokens are created, could give Ethereum a major advantage as it seeks to outperform competing blockchain bitcoins.


binge eating: We reported Thursday morning that pre-merger Indian cryptocurrency exchanges saw an increase in Ether trading volume as investors expected Ether’s price to surge post-merger.

But so far, the world’s second most valuable crypto token is down 2.86% to around $1,592 in the past 24 hours.

The merging: Most blockchains gobble up large amounts of energy and have come under fire from environmentalists and some investors. Before the software upgrade known as a merge, a single transaction on Ethereum used as much electricity as an average US household uses in a week, according to researcher Digiconomist.

With the software upgrade, Ethereum has evolved from a “Proof of Work” system, where energy-hungry computers validate transactions by solving complex math problems, to a “Proof of Stake” system, where individuals and companies act as validators act by using their ether as collateral to win newly created tokens.

According to the Ethereum Foundation, the new system will use 99.95% less energy.

Web3 Boost: Ethereum was born in 2013. Proponents believe it will form the backbone of much of the widely hyped but still unrealized “Web3” vision of an internet where crypto technology is at the heart of applications and commerce.

Also read | The biggest crypto event of 2022

Tweet of the day


Bengaluru Chaos: Is India’s Silicon Valley Dying?

Bengaluru

Last week’s massive flooding in India’s IT capital Bengaluru has sparked debate about the city’s future as India’s tech hub. Just a few days of heavy rain were enough to bring “India’s Silicon Valley” to its knees.

How it all began: Once a city of gardens, lakes and a cool climate in the 1990s, Bengaluru was fast becoming India’s leading technology hub, and the city’s unchecked expansion led to encroachments on wetlands and flood plains. Concrete replaced green spaces and structures on the edge of lakes blocked connecting channels and limited the city’s capacity to absorb water.

In the early 1970s, more than 68 percent of Bengaluru was covered with vegetation. By the late 1990s, green cover had declined to about 45% and by 2021 to less than 3% of its total area of ​​741 square kilometers. If this trend continues, by 2025, 98.5% of the city will be choked with concrete.

Problems for Indian IT: The recent chaos has sparked new concerns for India’s $194 billion IT services industry, which is centered around Bengaluru. Insurance companies said initial estimates of property loss could be in the millions of rupees and the numbers are expected to rise.

Also read | Startup founders and VCs hit by floods in Bengaluru lament urban infrastructure


Sea’s top management is waiving salaries as part of cost-cutting efforts

pay cut

Sea Ltd top management will forgo his salaries and tighten the company’s expense policy as the Singapore gaming and e-commerce giant seeks to hedge against the economic slowdown threatening tech companies.

The company will limit business travel to economy class fares, with travel lodging capped at $30 per day. It will also limit business travel hotel stays to $150 per night and cut reimbursement for meals and entertainment bills.

Sea of ​​Troubles: “With investors fleeing to ‘safe havens,’ we don’t expect to be able to raise funds in the market,” said CEO Forrest Li.

Sea faces increasing pressure to simultaneously grow and control costs. Consumers are retreating from their online spending as rising interest rates and prices weigh on the economy, while investors are increasingly reluctant to fund growth without profits.

Recently, Southeast Asia’s largest e-commerce company Shopee — a subsidiary of Sea — rescinded dozens of job offers shortly after its parent company reported mounting losses and much slower sales growth.


ETtech closed deals

Startup Funding

■ Sigmoid, a provider of data engineering and artificial intelligence (AI) solutions, announced on Thursday that it had raised US$12 million in a mix of primary and secondary financing in its latest funding round from Sequoia Capital India. As of the current round, Sequoia has $19.3 million in Sigmoid. The startup will use the capital to further develop its market offering, expand delivery centers and serve new industries.

■ Ximkart, a cross-border commodity sourcing startup, said it had raised US$2.4 million in funding led by Matrix Partners India. The startup will use the funds to strengthen its position in existing categories, introduce new categories and expand into new regions.

■ Edtech company Upgrad has acquired Centum Learning, the leading provider of business training solutions, in a stock swap. With this transaction, Bharti Enterprises Limited and its affiliates will be included in Upgrade’s cap table. Centum is expected to post revenue of Rs 170 crore in FY23.

■ AI-powered dubbing platform Dubdub.ai has raised $1 million from Waveform Ventures and Accel Atoms. The fresh funds will help the startup build technical expertise across the team and validate multiple use cases for global clients. It was founded in August 2021 by Anubhav Singh, Rahul Sankhwar, Rahul Garg and Anchal Jaiswal.

Today’s ETtech Top 5 newsletter was curated by Zaheer Merchant in Mumbai and Gaurab Dasgupta in New Delhi. Graphics and illustrations by Rahul Awasthi.

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