#FactCheck-RBI's Alleged Guidelines on Ink Colour for Cheque Writing

Introduction

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Purchasing online currencies through one of the numerous sizable digital marketplaces designed specifically for this purpose is the simplest method. The quantity of cryptocurrency and money paid. These online marketplaces impose an exchange fee. After being obtained, digital cash is stored in a digital wallet and can be used in the metaverse or as real money to make purchases of goods and services in the real world. Blockchain ensures the security and decentralisation of each exchange. 

Its worth and application are comparable to those of gold: when a large number of investors choose this valuable asset, its value increases and vice versa. This also applies to cryptocurrencies, which explains why they have become so popular in recent years. The metaphysical realm is an online space where users can communicate with one another via virtual personas, among other features. Furthermore, money and commerce always come up when people communicate. 

Web3 is welcoming the metaverse, and in an environment where conventional currency isn't functional, its technologies are making it possible to use cryptocurrencies. Non-Fungible Tokens (NFTs) can be used to monitor intellectual rights to ownership in the metaverse, while cryptocurrencies are used to pay for content and incentivise consumers. This write-up addresses what the metaverse crypto is. It also delves into the advantages, disadvantages, and applications of crypto in this context. 

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Convergence of Metaverse and Cryptocurrency

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As the main form of digital money in the Metaverse, digital currencies can be used to do business and exchange in the digital realm. The term "metaverse" describes a simulation of reality where users can communicate in real time with other users and an environment created by computers. The acquisition and exchange of virtual products, virtual possessions, and electronic creativity within the Metaverse can all be made possible via cryptocurrency. 

Many digital currencies are based on blockchain software, which can offer an accessible and safe way to confirm payments and manage digital currencies in the Metaverse. By giving consumers vouchers or other electronic currencies in exchange for their accomplishments or contributions, cryptocurrency might encourage consumer engagement and involvement in the Metaverse.

In the Metaverse, cryptocurrency can also facilitate portable connectivity, enabling users to move commodities and their worth between various virtual settings and platforms.

The idea of fragmentation in the Metaverse, where participants have more ownership and control over their virtual worlds, is consistent with the decentralised characteristics of cryptocurrencies.

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Advantages of Metaverse Cryptocurrency

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There are countless opportunities for creativity and discovery in the metaverse. Because the blockchain is accessible to everyone, unchangeable, and password-protected, metaverse-centric cryptocurrencies offer greater safety and adaptability than cash. Crypto will be crucial to the evolution of the metaverse as it keeps growing and more individuals show interest in using it. Here are a few of the variables influencing the growth of this new virtual environment.

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Safety

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Your Bitcoin wallet is intimately linked to your personal information, progress, and metaverse possessions. Additionally, if your digital currency wallet is compromised, especially if your account credentials are weak, public, or connected to your real-world identity, cybercriminals may try to steal your money or personal data. 

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Adaptability

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Digital assets can be accessed and exchanged worldwide due to cryptocurrencies’ ability to transcend national borders. By utilising a local cryptocurrency, many metaverse platforms streamline transactions and eliminate the need for frequent currency conversions between various digital or fiat currencies. Another advantage of using autonomous contract languages is for metaverse cryptos. When consumers make transactions within the network, applications do away with the need for administrative middlemen.

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Objectivity

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By exposing interactions in a publicly accessible distributed database, the use of blockchain improves accountability. It is more difficult for dishonest people to raise the cost of digital goods and land since Bitcoin transactions are public. Metaverse cryptocurrencies are frequently employed to control project modifications. The outcomes of these legislative elections are made public using digital contracts. 

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NFT, Virtual worlds, and Digital currencies  

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Using the NFT is an additional method of using Bitcoin for metaverse transactions. These are distinct electronic documents that have significant potential value.  

A creator must convert an electronic work of art into a virtual object or virtual world if they want to display it digitally in the metaverse. Artists produce one-of-a-kind, serialised pieces that are given an NFT that may be acquired through Bitcoin payments. 

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Applications of Metaverse Cryptography

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Fiat money or independent virtual currencies like Robux are used by Web 2 metaverse initiatives to pay for goods, real estate, and services. Fiat lacked the adaptability of cryptocurrencies with automated contract capabilities, even though it may be used to pay for goods and finance the creation of projects. Users can stake these within the network virtual currencies to administer distributed metaverses, and they have all the same functions as fiat currency.

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Banking operations

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Lending digital cash to purchase metaverse land is possible. Banks that have already made inroads into the metaverse include HSBC and JPMorgan, both of which possess virtual real estate. "We are making our foray into the metaverse, allowing us to create innovative brand experiences for both new and existing customers," said Suresh Balaji, chief marketing officer for HSBC in Asia-Pacific.

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Purchasing

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An increasingly important aspect of the metaverse is online commerce. Users can interact with real-world brands, tour simulated malls, and try on virtual apparel for their characters. Adidas, for instance, debuted an NFT line in 2021 that included customizable peripherals for the Sandbox. Buyers of NFTs crossed the line separating the virtual universe and the actual world to obtain the tangible goods associated with their NFTs.

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Authority

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Metaverse initiatives are frequently governed by cryptocurrency. Decentraland, a well-known Ethereum-based metaverse featuring virtual reality components, permits users to submit and vote on suggestions provided they own specific tokens.

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Conclusion

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The combination of the virtual world and cryptocurrencies creates novel opportunities for trade, innovation, and communication. The benefits of using the blockchain system are increased objectivity, safety, and flexibility. By facilitating exclusive ownership of digital assets, NFTs enhance metaverse immersion even more. In the metaverse, cryptocurrencies are used in banking, shopping, and government, forming a user-driven, autonomous digital world. The combination of cryptocurrencies and the metaverse will revolutionise how we interact with online activities, creating a dynamic environment that presents both opportunities and difficulties.

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References

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• https://www.telefonica.com/en/communication-room/blog/metaverse-and-cryptocurrencies-what-is-their-relationship/
• https://hedera.com/learning/metaverse/metaverse-crypto
• https://www.linkedin.com/pulse/unleashing-power-connection-between-cryptocurrency-ai-amit-chandra/

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The recent Promotion and Regulation of Online Gaming Act, 2025, that came into force in August, has been one of the most widely anticipated regulations in the digital entertainment industry. Among provisions such as promoting esports and licensing of online gaming, the legislation notably introduces a blanket ban on real-money gaming (RMG). The rationale behind this was to reduce its addictive effects, protect minors, and limit the circulation of black-money. However, in reality, the Act has spawned apprehension about the legislative process, regulatory redundancy, and unintended consequences that can shift users and revenue to offshore operators.

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From Debate to Prohibition: How the Act was Passed 

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The Promotion and Regulation of Online Gaming Act was passed as a central law, providing the earlier fragmented state laws on online betting and gambling with an overarching framework. Proponents argue that, among other provisions, some kind of unified national framework was needed to deal with the scale of online betting due to its detrimental impact on young users. The current Act is a direct transition to criminalisation rather than the swings of self-regulation and partial restrictions used during the previous decade of incremental experiments in regulation. Stakeholders in the industry believe that this type of sudden, blanket action creates uncertainty and erodes confidence in the system in the long run. Further, critics have pointed out that the Bill was passed without adequate Parliamentary deliberation. A question has been raised about whether procedural safeguards were upheld. 

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Prohibition of Online RMG

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Within the Indian context, a distinction has long been drawn between games of skill and games of chance, with the latter, like a lottery or a casino, being severely prohibited under state laws, whereas the former, like rummy or fantasy sports, have generally been allowed after being recognized as skill-based by court authorities. The Online Gaming Act of 2025 abolishes this distinction on the internet, thus banning all RMG actions that include cash transactions, regardless of skill or chance. The act also criminalises the advertising, facilitation, and hosting of such sites, thereby penalizing offshore operators with an Indian customer focus, and subjecting their payment gateways, app stores, and advertisers under its jurisdiction to penalties. 

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The Problem of Overlap

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One potential issue that the Act presents is its overlap with the existing laws. The IT Rules 2023 mandate intermediaries in the gaming sector to appoint compliance officers, submit monthly reports, and undergo due diligence. The new Act introduces a three-level classification of games, whereas the advisories of the Central Consumer Protection Authority (CCPA) under the Consumer Protection Act treat online betting as an unfair trade practice. 

This multiplicity of regulations builds a maze where different Ministries and state governments have overlapping jurisdiction.  Policy experts caution that such an overlap can create enforcement challenges, punish players who act within the law, and leave offshore malefactors undetected.  

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Unintended Consequences: Driving Users Offshore

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Outright prohibition will hardly ever remove demand; it will only push it out. Offshore sites have taken advantage of the situation as Indian operators like Dream11 shut down their money games after the ban. It has already been reported that there is aggressive advertising by foreign betting companies that are not registered in India, most of which have backend infrastructure that cannot be regulated by the Act (Storyboard18).

This diversion of users to unregulated markets has two main risks. First, Indian players are deprived of the consumer protection offered to them in local regulation, and their data can be sent to suspicious foreign organizations. Second, the government loses control over the money flow that can be transferred via informal channels or cryptocurrencies or other obscure systems. Industry analysts are alerting that such developments may only worsen the issue of black-money instead of solving it (IGamingBusiness).

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Advertising, Age Gating, and Digital Rights

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The Act has also strengthened advertisement regulations, aligning with advisories issued by the Advertising Standards Council of India, which prohibits the targeting of minors. However, critics believe that the application remains inadequately enforced, and children can with comparative ease access unregulated overseas applications. In the absence of complementary digital literacy programs and strong parental controls, these limitations can be effectively superficial instead of real. 

Privacy advocates also warn that frequent prompts, vague messages, or invasive surveillance can weaken the digital rights of users instead of strengthening them. Overregulation has also been found to create banner blindness in global contexts where users ignore warnings without first clearly understanding them.

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Enforcement Challenges

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The Act puts a lot of responsibilities on many stakeholders, including the Ministry of Information and Broadcasting (MIB) and the Reserve Bank of India (RBI). Platforms like Google Play and Apple App Store are expected to verify government-approved lists of compliant gaming apps and remove non-compliant or banned ones, as directed by the MIB and the RBI. Although this pressure may motivate intermediaries to collaborate, it may also have a risk of overreach when it is applied unequally or in a political way.

According to the experts, the solution should be underpinned by technology itself. Artificial intelligence can be used to identify illegal advertisements, track illegal gaming in children, and trace payment streams. At the same time, the regulators should be able to issue final lists of either compliant or non-compliant applications to advise the consumers and intermediaries alike. Without such practical provisions, enforcement risks remaining patchy.

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Online Gaming Rules

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On 1 October 2025, the government issued a draft of the Online Gaming Rules in accordance with the Promotion and Regulation of Online Gaming Act. The regulations focus on the creation of the compliance frameworks, define the classification of the allowed gaming activities, and prescribe grievance-redressal mechanisms aiming to promote the protection of the players and procedural transparency. However, the draft does not revisit or soften the existing blanket prohibition on real-money gaming (RMG) and, hence, the questions about the effectiveness of enforcement and regulatory clarity remain open (Times of India, 2025).

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Protecting Consumers Without Stifling Innovation

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The ban highlights a larger conflict, i.e., the protection of the vulnerable users without stifling an industry that has traditionally contributed to innovation, jobs, and the collection of tax revenue. Online gaming has significantly added to the GST collections, and the sudden shakeup brings fiscal concerns (Reuters).

Several legal objections to the Act have already been brought, asking whether the Act is constitutional, especially as to whether the restrictions are proportional to the right to trade. The outcome of such cases will define the future trajectory of the digital economy of India (Reuters).

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Way Forward

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Instead of outright prohibition, a more balanced approach that incorporates regulation and consumer protection is suggested by the experts. Key measures could include:

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• A definite difference between games of skill and games of chance, with proportionate regulation.
• Age confirmation and campaign against online illiteracy to protect the underage population.
• Enhanced advertising and payments compliance requirements and enforceable non-compliance penalty.

• Coordinated oversight among different ministries to prevent duplication and regulatory struggle.
• Leveraging AI and fintech to track illegal financial activities (black money flows) and developing innovation.

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Conclusion

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The Online Gaming Act 2025 addresses social issues, such as addiction, monetary risk, and child safety, that require governance interventions.  However, the path it follows to this end, that of total prohibition,  is more likely to spawn a new set of issues instead of providing solutions because it will send consumers to offshore sites, undermine consumer rights, and slow innovation.

For India, the real challenge is not whether to prohibit online money gaming but how to create a balanced, transparent, and enforceable framework that protects users while fostering a responsible gaming ecosystem. India can reduce the adverse consequences of online betting without keeping the industry in the shadows with better coordination, reasonable use of technology, and balanced protection.

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References:

• India's Dream11, top gaming apps halt money-based games after ban
• India online gambling ban could drive punters to black market
• Offshore betting firms with backend ops in India not covered by online gaming law
• The Great Gamble: India’s Online Gaming Ban, The GST Battle, And What Lies Ahead.
• Game Over for Online Money Games? An Analysis of the Online Gaming Act 2025
• Government gambles heavily on prohibiting online money gaming
• Online gaming regulation: New rules to take effect from October 1; government stresses consultative approach with industry

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Introduction

Holi 2025 is just around the corner. In fact, in the Braj region, Mathura and Vrindavan, the celebrations have already begun, starting from Basant Panchami on 2nd February 2025. Temples in Vrindavan are sprinkling flowers on devotees, creating mesmerising scenes with the spirit of devotion. While cities like Delhi, Bangalore, Mumbai, etc., are all set, with pre-bookings for Holi events, parties and music festivals. 

However, in the current digital era, cybercriminals attempt to conduct manipulative campaigns to deceive innocent people. They attempt to send fake cashback offers, freebies, lucrative deals, giveaways, and phishing scams under the guise of Holi deals and offers. The upcoming festival of colors requires you to know the warning signs so you can remain alert and safeguard against digital scams.

How Scammers Might Target You 

Holi is a time for joy, colors, and celebrations, but cybercriminals see it as the perfect opportunity to trick people into falling for scams. With increased online shopping, event bookings, and digital transactions, scammers exploit the festive mood to steal money and personal information. Here are some common Holi-related cyber scams and how they operate:

1. Exclusive Fake Holi Offers

Scammers send out promotional messages via WhatsApp, SMS, or email claiming to offer exclusive Holi discounts. For example, you might receive a message like:
"Get 70% off on Holi color packs! Limited-time deal! Click here to order now."
However, clicking the link leads to a fraudulent website designed to steal your card details or make unauthorized transactions.

2.  Fake Holi Cashback Offers

You may get an SMS that reads:
"Congratulations! You’ve won ₹500 cashback for your Holi purchases. Claim now by clicking this link."
The link may take you to a phishing page that asks for your UPI PIN or bank login credentials, allowing scammers to siphon off your money.

3. Fake Quizzes to Win Freebies

Scammers circulate links to Holi-themed quizzes or surveys promising free gifts like branded clothing, sweets, or smart gadgets. These often ask users to enter personal details such as phone numbers, email addresses, or even Aadhaar numbers. Once entered, the scammers misuse this information for identity theft or further phishing attempts.

4. Fake Social Media Giveaways

Many fraudsters create fake Instagram and Facebook pages mimicking well-known brands, announcing contests with tempting prizes. For example:
"Holi Giveaway! Win a free Bluetooth speaker or chance to win smartphone by following us and sending a small registration fee!"
Once you pay, the page disappears, leaving you with nothing but regret.

5. Targeted Phishing Scams

During Holi, phishing attempts surge as scammers disguise themselves as banks, e-wallet services, or e-commerce platforms. You might receive an email with a subject like:
"Urgent: Your Holi order needs confirmation, update your details now!"
The email contains a fake link that, when clicked, prompts you to enter sensitive login information, which the scammers then use to access your account.

6. Clickbait Links on Social Media

Cybercriminals circulate enticing headlines such as:
"This New Holi Color Is Banned – Find Out Why!"
These links often lead to malware-infected pages that compromise your device security or steal browsing data.

7. Bogus Online Booking Platforms

With many people looking for Holi event tickets or holiday stays, scammers set up fake booking websites. Imagine you come across a site advertising "Holi Pool Party – Entry Just INR 299!" you eagerly make the payment, only to find out later that the event never existed.

How to Stay Safe This Festive Season

• Verify offers directly from official websites instead of clicking on random links.
• Avoid sharing personal or banking details on unfamiliar platforms.
• Look for HTTPS in website URLs before making any payments.
• Be cautious of unsolicited messages, even if they appear to be from known contacts.
• If an offer seems too good to be true, it it is likely a scam or deception.

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Conclusion:

As Holi 2025 approaches, make sure your online security remains a priority. Keep an eye on potential frauds that attempt to take advantage of the festive seasons like Holi. Protect yourself against various cyber threats. Before engaging with any Internet content, prioritize the verification of sources. Let us safeguard our celebrations with critical cyber security precautions. Wishing you all a cyber-safe and Happy Holi 2025!

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