A perfect sign of Cryptocurrencies gaining recognition and acceptance has come from the United Kingdom. The country is considering reviewing digital currencies as a legitimate alternative to fiat currency. The move is a part of the UK aspiring to become a global hub of Crypto-technology.
If things work out in favor of the Crypto community, then the maximum benefit is expected to be landed on the side of the gambling industry. Operators are preparing to integrate all the required tools under the speculation of digital currency gaining recognition in the country.
The UK To Embrace Cryptocurrencies?
This question is more obvious than one can expect it to be, as embracing Cryptocurrencies requires the UK, or any other country, to alter its laws and revise various taxation policies.
As of now, the country is looking to go strong with the idea of officially recognizing cryptocurrency. Reports claim that the legitimacy would be more for Stablecoins than cryptocurrencies; however, it does signal that the time is not far when cryptos become a perfect alternative payment option.
According to the Government’s official announcement, the UK Treasury will soon begin regulating Stablecoins.
There is a small but crucial difference between Cryptocurrencies and Stablecoins. Both exist digitally but are on different sides when experiencing wild fluctuations, which experts often refer to as high volatility.
Additionally, Stablecoins are directly pegged to fiat currencies, unlike Cryptocurrencies that exist independently to stay true to their decentralized nature.
Rishi Sunak, Chancellor of the Exchequer, acknowledged that all this was a part of putting the UK’s financial industry at the global forefront of technology and innovation.
A clear list of Stablecoins to be recognized has now been declared. The ones expected to get the center stage include USD Coin, Tether, and DAI. If the UK goes through the process, the gambling industry will benefit greatly.
The relationship between the gambling industry and digital currencies is indestructible for all the digital currencies’ benefits.
- To start with, Cryptocurrencies in gambling ensure that there is no gambling transaction in the official bank records of the users. They remain stress-free while engaging in their favorite casino games.
- Next, transactions involving digital currencies are much cheaper than traditional methods. The low cost is largely credited to eliminating the middle agency or financial player by directly connecting the two parties of a transaction.
- There is no barrier to its operations. Once a node is secured, users can transact a digital currency from any part of the world. The gambling industry sees this as a chance to attract many players from across the globe.
Casinos primarily using Bitcoin, Ethereum, and Cardano have already succeeded in the regions where they have been allowed to operate. The concept of a Cardano casino has skyrocketed recently as well.
Crypto casinos continue to trend everywhere, with players demanding Governments to finally recognize the revolution.
The roadmap for Crypto casinos has been architected to grow multiple times. The UK is an example, and a trendsetter, of how everyone can benefit by offering the community its due recognition.
The tools and features that Crypto casinos provide to their players are much more helpful than one can imagine. For instance, players can track how much balance they are left with and where their score stands.
Another aspect that the UK is considering exploring is the NFT industry and the DeFi Loan system.