‘Money laundering a threat to the digital economy-online gaming’- Report
New Delhi| Money laundering is a major threat to the rapidly growing Indian digital economy and online gaming sector. There is a need to take immediate steps to protect the country’s strong digital economy. The Digital India Foundation report said there is a need to create a task force to deal with illegal operators, create a white list of legitimate operators, tackle misleading advertisements and emphasize the principles of financial integrity and international cooperation. In addition, other important measures include providing public awareness and education, so that users can make cautious decisions. Avoid online gaming platforms involved in deceptive behavior.
Arvind Gupta, co-founder of Digital India Foundation, said, despite regulatory efforts to curb illegal operators, many platforms bypass restrictions through mirror sites, illegal branding and inconsistent promises. This situation emphasizes the urgent need for close monitoring and enforcement. In addition, the lack of enforcement mechanisms has led to sporadic crackdowns against notorious criminals.
The Indian real money gaming (RMG) sector has become the global market leader with an annual growth of 28 per cent from 2019-20 to 2022-23. Gupta said, there are more than 400 domestic startups in the country’s online gaming sector. The number of online games played daily is 100 million, with 90 million people paying to play. This sector provides about one lakh jobs directly and indirectly. It has the potential to create 2.5 million jobs by 2025.
