New Delhi: The rules and way forward regarding online gaming laws were discussed. Apart from representatives of gaming platforms, banking and fintech representatives were also present in this secretary level meeting. The purpose of this meeting was to tell the stakeholders what the law meant for them. It was said in the meeting that soon rules to this law will be made and it is an ongoing process.

According to the information, the main objective of this meeting was to connect payment intermediaries and banks with the new law. Emphasis was placed on multi-level enforcement to stop financial transactions to real money based gaming. In the meeting, banks and payment gateways have been asked to take this law seriously and implement systems for blocking and reporting. Fintech companies were also made aware of the need for this law, emphasizing its social aspects such as addiction and suicide. Along with this, he was asked to keep an eye on people’s complaints and trace the money trail. The purpose of this meeting was more than the rules, its purpose was to inform the online gaming industry about the law and its consequences.

It was said in the meeting that the government is in favor of progressive legislation, but it will have to keep in mind public sentiments and interests of stakeholders on such issues. In fact, this is a part of an ongoing consultation process and yesterday there were consultations and discussions regarding e-sports with the Sports Ministry.

A new online gaming law has come into effect in India, under which online real money games (in which money is played) have been banned and now the government’s entire focus is on promoting e-sports. This move is directly impacting India’s gaming ecosystem, IT industry and listed companies.

This step of the government will also have benefits. Indian game developers will get an opportunity to create local games. Apart from this, e-sports players will get prize money and exposure at the international level. Whereas, IT and startup sector is also expected to get a new direction. India will be able to make a place in the global e-sports market.