Online Gambling Supports Virtual Currencies

Published Wednesday, May 25, 2016 -
Online Gambling Supports Virtual Currencies

The interest in virtual currency reached its dramatic peak not so long ago but with the online gambling industry championing its use the crypto monetary system has matured and grown. That being said the mystery surrounding its invention and the subsequent upheavals regarding its legality has kept the interest in Bitcoin alive and well. Currently the latest and most accurate bitcoin price is pegged at $449.59 USD. That is if the whole system doesn’t crash and the value of Bitcoin goes to nil as was feared by the Australian virtual currency industry just last month.

The news source reported that the Bitcoin exchange Igot, “appears” to be on the verge of financial collapse. According got the article the company hasn’t been able “to completely deliver on the bitcoins it has bought or refund” its clients’ money “for months.” This has prompted the Australian virtual currency industry to look for a better set of guidelines for the use of the virtual money.  Industry group Australian Digital Currency and Commerce Association chief executive officer Nicholas Giurietto commented that the situation arising from this failure and its “impact to consumers, is clearly devastating.”

Meanwhile it has been suggested in Europe that the European Commission may be re-examining its position on virtual currencies. The executive wing of the European Union, has said its position on  digital currencies is that they shouldn’t be regulated just yet.   Reasoning from the members is the need to focus on monitoring the various crypto currencies to “understand better what is happening.”

New directives from the European Union do require virtual currency exchanges to keep a record of who uses the exchange and the account numbers but so far digital currencies, such as bitcoin, are for the most part self-regulated and not backed by a central bank.  Australia is going for regulation while the E.U. will continue to just monitor.



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