For the last couple of years, cryptocurrencies have become ubiquitous, transcending into various industries and covering many different business sectors. People have put a lot of faith in the new technology.
Those who are the fans of the blockchain technology just want to see cryptocurrencies succeed and become adopted in many different business processes, while those who have invested in these digital coins have a financial interest in the mainstream adoption of cryptos.
Gambling is one of the largest industries in the world. If cryptocurrencies were to become accepted by gambling providers, it might put the stagnating crypto prices back on the uptrend again.
As written on Nyecasino.ninja web portal, there are some apparent benefits to be had by the customers if gambling websites were to start accepting payments in cryptocurrencies.
First of all, there is a certain level of anonymity these tools offer that might not be accessible using the traditional banking services. For various reasons, people might want to conceal their identity when they are occupied with gambling activities. Furthermore, transactions with cryptocurrencies are a lot easier and don’t have the same limitations as the banking transactions. There are no limits to where in the world the holders of the coins can send their cryptocurrencies to.
For the same reasons these coins are attractive for the gambling customers, they are often unacceptable by the regulators. Authorities are not very content with the idea of not being able to track the gambling activities to specific people. Cryptocurrencies might open up the gambling industry to the money laundering schemes even more as the providers will have a lot harder time following the Know Your Customer and AML regulations.
India could be one of the first large economies to allow cryptocurrencies in gambling
The Law Commission of India recently submitted a proposal to Ravi Shankar Prasad, the Union Minister of Law and Justice supports the use of cryptocurrencies in the gambling market.
“Gambling transactions should be made cashless, making use of electronic means of payment such as credit cards, debit cards, net-banking, virtual currencies (VC, or cryptocurrency), etc.”
Reads the statement from the report (read more here)
People involved in cryptocurrency businesses have taken the news with enthusiasm. Nischal Shetty, who is the CEO of a digital currency exchange WazirX commented on the news:
“If banking is something the exchanges are not allowed to do, then the solution is something that direct banking doesn’t come in. It is the first time that a body appointed by the government has given recognition to virtual currencies that they have value and can be used for a transaction. Therefore, it is a very positive sign, especially considering the report has come out after a lot of deliberation.”
Tuhina Joshi, a representative from the Telecom Regulatory Authority of India, drew parallels between the regulations of the gambling market and cryptocurrencies in the country, commenting:
“The law commission recommends that regulating gambling is preferable to an outright ban. This is the same argument we are making in the context of cryptocurrencies.”