Important weeks are ahead for the future of Bitcoin as a global currency. The Malta Gaming Authority is looking into officially recognizing Bitcoin as a currency, which would be a significant step forward for online gambling. Rumors regarding this possibility have been floating around the internet for quite some time, but it looks like things are on the verge of being formalized.
It is positive to see the Malta Gaming Authority take a closer look at bitcoin and how it can affect the future of [online] gambling. Multiple casinos around the world have started accepting cryptocurrency deposits for online gambling, although there is no official regulation related to doing so. This causes quite a few platform operators to hold off on embracing Bitcoin until proper guidelines have been established.
Whether or not the Malta Gaming Authority will be the one to publicly approve Bitcoin in the gambling industry, remains to be seen. If they would officially recognize virtual currency as a valid payment method, it is expected that other global regulators will follow suit rather quickly–or that is what experts believe will happen. One never knows for sure how things will play out.
Right now it is impossible for any casino in Malta to accept Bitcoin as a payment method. The current regulation imposed by the Malta Gaming Authority clearly defines which types of payment are legally allowed, and anything not on the list is deemed illegal. Casino operators in the country do not want to risk jail sentences for accepting innovative payment solutions before regulation is put in place.
One of the most famous Malta-based casinos is BitStarz, clear proponents of Bitcoin adoption. The company feels that cryptocurrency can not only disrupt gambling as a whole, but also bring new job opportunities to the table. Changing from fiat acceptance to Bitcoin payments will not happen overnight, though.
Regulatory approval by any gambling authority will be a great move for Bitcoin in general. Even though the outcome remains undetermined for now, the fact that MGA is even contemplating Bitcoin is a major validation of cryptocurrency as a payment method. Moreover, it highlights what Bitcoin can bring to the table for other industries as well.
From a gambler’s perspective it makes sense to use Bitcoin at casinos rather than fiat currency. Not only does it allow for virtually instant deposits and withdrawals, but it also introduces a layer of privacy for the players. While favorable regulation is a big step forward for cryptocurrency in gambling, a less positive outcome will shake things up as well.
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