If you had any doubts about the relevance of blockchain technology in the future, the online gambling industry would have changed your mind. There are an official license and regulation for online gambling in most countries in the world. But when it comes to cryptocurrency gambling, it’s more complicated.
Right now, there are little interactions between the global regulatory authorities, and only a few countries have started the initiative to control cryptocurrency gambling. There’re countries that have initiated the process, but many wonder if they will complete the full regulation of the cryptocurrency market.
The primary concern is with the framework of cryptocurrency. Satoshi Nakamoto created the digital currency to eliminate the control and regulations that banks have on traditional currencies. Millions of people prefer to have full control of their money without any third parties charging costs and giving them instructions on what they can and can’t do with their money.
That’s the core reason why the growth of cryptocurrency gambling is expanding. Players want transparency, minimal fees, quick transactions, and full control of their crypto funds. The online casino software provided by Vegas-X is a perfect solution if you want to take care of all these things.
In this guide, we’ll discover the current state of the regulations, and how COVID-19 has affected crypto gambling.
Let’s get into it.
Cryptocurrency Gambling While there’s no official explanation on the crackdown of cryptocurrencies, capital controls, illegal activities and protection of its citizens from financial risk are a number of the most reasons cited by experts. Indeed, Chinese regulators have implemented stricter controls like overseas withdrawal cap and regulating foreign direct investment to limit capital outflow and ensure domestic investments. The anonymity and simple cross-border transactions have also made cryptocurrency a favourite means for concealment and fraudulent activities.
Since 2011, China has played an important role within the meteoric rise and fall of Bitcoin. At its peak, China accounted for over 95% of the worldwide Bitcoin trading volume and three quarters of the mining operations. With regulators stepping in to regulate trading and mining operations, China’s dominance has shrunk significantly in exchange for stability.
With countries like Korea and India following suit within the crackdown, a shadow is now casted over the longer term of cryptocurrency. (I shall reiterate my point here: countries are regulating cryptocurrency, not banning it). Without a doubt, we’ll see more nations take part within the coming months to rein within the tumultuous crypto-market.
The Current State Of Cryptocurrency Gambling in 2020