Online Gaming

14 Nov 2024 12:36:45 pm

Tags : Online Gaming

Topic: IT & Computers

Why in the news?

Identifying money laundering as a major threat to the Indian online gaming sector’s integrity and long-term success, a report by the Digital India Foundation (DIF) has recommended that the government should establish a ‘whitelist’ of compliant gaming companies, ensuring that payment gateways and Internet Service Providers serve only the listed operators.

Source: The Hindu

About Online Gaming:

It refers to mobile games or video games that are played over the internet through various devices.
It involves collaborative gameplay in which player connections are facilitated through the internet.
The online gaming industry in India is predominantly a home-grown start-up ecosystem growing at 27% compound annual growth rate (CAGR).
It is widely estimated that AI and online gaming can add up to $300 billion to India’s GDP by 2026-27.
Types of Online Gaming:
- e-Sports: These are video games that were played privately or on consoles in video game stores in the 1990s, but are currently played online in a structured manner between professional players, either individually or in teams.
- Fantasy sports: These are games in which the player selects a team of real sports players from several teams and earns points based on how well the players perform in real life. For example, Dream11.
- Online casual games:
  - These could be skill-based, where the outcome is heavily impacted by mental or physical skill or chance-based, where the outcome is heavily influenced by some randomized activity, such as rolling a die.
  - A game of chance may be considered as gambling if players bet money or anything of monetary value.

Money Laundering:

It is the processing of illegitimate money to disguise its illegal origin and make it appear as coming from legitimate sources.
- The illegitimate money/black money arises from either proceeds of corruption, proceeds of crime, or tax evasion on legally earned money.
It enables the criminal to enjoy these profits without fear of law enforcement agencies. Therefore, it is an essential step in almost all types of organized criminal activities such as drug trafficking, human trafficking, arms smuggling, and so on.
Moreover, it is crucial in funding terrorism activities around the globe including in India.

Digital India Foundation (DIF):

It is a not-for-profit think-tank aiming to foster digital inclusion and adoption, and the use of the Internet and related technologies for the developmental process.
It aims to further and foster discussions on options and opportunities under the rubric of the entire ecosystem formulated by the Indian government and its Digital India programme
- There is no direct connection between DIF and the government programme.

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