New Boost For Online Casinos
Added: Sept. 29, 2014
You are most likely well aware that the push around the world to allow all things online casino and online gambling in general is gathering momentum. A recent announcement coming to us from none other than the country of Spain is another giant step forward.
Here’s what this is all about. In Spain, the El Ministerio de Hacienda recently announced new rules for online gambling. In a surprise twist, this new set of rules specifically names the crypto-currency Bitcoin.
As you know, the use of Bitcoin around the world has also been growing at a rapid pace. Up until this recent announcement from Spain, some online casino companies were encouraging the use of Bitcoin in a not so veiled attempt to avoid Spain’s Gambling Act. Ministry Officials recognizing both the popularity of online gambling and online casinos as well as the desire for some online casino players to use Bitcoin took the next most obvious step.
That is, Spain said yes to online casinos using Bitcoin. Actually, Spain went much further than some other countries. In effect, Spain made it clear, that at least within its borders, Spain views Bitcoin as an electronic payment system. Note that as recently as May of this year, Spain had made it clear they were keeping a close eye on Bitcoin for suspicious activity.
What’s the big deal here? You may not be aware that Bitcoin, especially with respect to online gambling operators, has been viewed with great suspicion by quite a few governments around the world. Until now, there has been little clear direction on how Bitcoin is viewed.
The big question is how to define Bitcoin. Is it a currency? Is it a payment mechanism? Or is it something else entirely? With the recent announcement from Spain, at least one country has boldly stepped forward and taken a stand. The official ruling from Spain states in no uncertain terms that Bitcoin is in fact a convertible virtual currency.
In other words Bitcoin can be exchanged. That is Bitcoin can be converted into Euros, Dollars and other legally recognized tender. Spain made it clear with their new updates to the Gambling Act that Bitcoin is a recognized virtual currency. Furthermore, Spain made sure to include language about online gambling operators that accept Bitcoin.
As you can see, this announcement from Spain is a major milestone for legal online casinos throughout the world. One can certainly expect more such announcements in the coming months ahead.