Online gaming and gambling industry is flourishing world over. Many have found this as an opportunity to expand their operations and business in various jurisdictions. Cubeia is one such company that is exploring new territories and avenues for its growth and expansion in different parts of the world.
Not very long before Cubeia announced that it would form a partnership with an Indian online poker website. However, till now no development has taken place on this regard. So by and large Cubeia is still unable to penetrate Indian market.
In the absence of dedicated online gaming and gambling laws in India, many entrepreneurs are taking precaution before launching their projects. Many are not aware whether playing online poker in India is legal or illegal? Nevertheless, the online gaming industry in India is maturing, says New Delhi based ICT law firm Perry4Law.
A new trend in the field of online gaming and gambling industry is to accept Bitcoins as an addition payment mechanism. However, the legality of Bitcoins is still not clear in many jurisdictions. Even the Bitcoin exchanges and Bitcoins websites operating in India must comply with Indian laws to be legal.
Cubeia has recently announced that it is to support the Bitcoin virtual currency on its business-to-business poker network as part of an expansion into new markets. Now if Cubeia has to establish a business in India and other jurisdictions and it intends to use Bitcoins as a payment option, there are many regulatory requirements relating to online gaming and gambling and use of Bitcoins. The same applies to any other Bitcoin and online gaming entrepreneur that wish to open an online shop in India.
Bitcoin support will be added to the enterprise version of Cubeia Poker and will also be supported in the Cubeia Network and Cubeia Firebase. If Cubeia wishes to enter into Indian markets, a prior techno legal analysis is a must.