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Australian Gambling Regulatory Against Cryptos Use In Placing a Bet.

Feb 09, 2018 Posted /  1600 Views

Australian Gambling Regulatory Against Cryptos Use In Placing a Bet.

On February 1, The CEO of Neds, Paul Cherry stated in an interview with AMBcrypto that they are all technology related people and thus welcome the emerging technology i.e. cryptocurrencies into gambling world. Further, Paul stated that they will be the first ones to provide virtual currency such platform for online betting.

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The website was all set to provide first of its type service but they could not as an Australian Gambling Regulator, NTRC sent an email to all registered betting websites prohibiting acceptance of virtual tokens for online gambling.

As per the sources, the informal notice stated-

“…. all sports bookmakers and betting exchange operators licensed in the NT if currently transacting in cryptocurrency (for example Bitcoin, Ethereum and the like) for their wagering operations to immediately cease and desist.”  

According to local press, the Australian government has a resistance towards Virtual Tokens. The Australian government is not willing to allow involvement of Digital Economy and Digital gambling. The notice further dictated to go back to the traditional form of money i.e. Fiat currency. Companies that don’t work as per the directed regulations risk themselves towards losing favorable tax benefits and license to operate as well.

A crypto trader, Zeno Anknag told AMBcrypto in an interview that it would have been more convenient for her to use crypto for gambling. She further stated that betting is comparatively less risky for ones who have a sense of putting money. It is more of an art then luck. She was excited when she heard Neds announcement and later on felt dejected on failure of the project.

An Australian poker expert, Benjamin Gordon commented on the matter that he is proud of Australia as unlike other countries, it has accepted Cryptos and the technology behind them. Further, he told to AMBcrypto that gambling can result in losing all money and for newly crypto rich persons it can result in a dangerous venture and therefore he respects the decision taken by regulators.

Meanwhile, Neds continued to provide its services in Fiat currency until government regulatory change their mind.

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Tags: online gambling gambling website cryptos accept Bitcoins

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