Crypto Betting Coming to South Africa, India and Japan
Reports in the crypto betting world are circulating this week regarding an imminent approval for this type of gambling in South Africa, India, and Japan. The march of cryptocurrencies has been strong so far in 2021, with the digital assets proving incredibly useful for purchasing items, storing value, closing the wealth inequality gap, and various other exciting applications that developers are dreaming up. Gambling is just another facet of a technology that is increasingly becoming a big part of modern life.
The explosion of interest in cryptocurrencies is fueling a drive to build new applications with the technology. Asia has a pioneer in this regard, and the region has now shifted its focus towards the implementation of crypto gambling systems. ©sergeitokmakov/Pixabay
With all the possibilities emerging with new crypto technologies, the industry is reacting in real-time to the new applications. From non-fungible tokens built off the back of Ethereum, and Bitcoin becoming the legal tenure for the nation of El Salvador, it’s clear that the power and reach of cryptocurrency are reaching new unforeseen heights this year. The next item on the agenda is crypto gambling, a trend that is showing signs it may take off in South Africa, India, and Japan.
One of the primary questions being asked at this initial stage is will countries allow this type of gambling to go ahead in the first place. One theory is that bookmakers have already received assurances from regulators that their plans to launch products related to crypto gambling have already been approved, and they will be able to proceed completely unimpeded. In any case, there is an extremely high chance that the crypto gambling craze will take off in these nations soon, with legal approval a short step after that.
With more than 10% of Americans now owning some form of cryptocurrency, it is interesting to see the resistance to the core philosophy completely dissipate. So many critics dismissed the practicality of cryptos just a few years ago, and now you’ll be hard-pressed to find such vehement refusal to acknowledge their underlying value. As institutions, corporations and central banks accelerate their own adoption mechanisms and add cryptos to their balance sheet, we can only expect the momentum to carry on in a positive way.
South Africa’s Progressive Approach to Crypto
South Africa has already established itself as the most progressive and forward-thinking country on the African continent. Officials in the nation are already cooking up innovative schemes to position South Africa as the leading digital currency services hotspot on the continent and tapping into the huge benefits of cryptos is central to this plan. Until now the country is yet to pass a law that explicitly legalizes the use of cryptocurrencies, and yet they are fully endorsed up and down the economy.
The South African National Treasury has so far taken the most influential role in proceedings, proposing specific laws to better accommodate the smooth introduction of cryptocurrencies into local people’s daily life. With this openness and acknowledgment of the benefits these changes will bring, it is highly likely that in the next couple of years a fully licensed and legal operator in South Africa will be accepting cryptocurrencies as an official payment method.
Cryptocurrency Gambling in Japan
When we look closely at the situation of cryptocurrency gambling in Japan, there are a few interesting points to mention and expand upon. The country has a long a fabled history with new and innovative software platforms, often being the driving force for innovation and adoption of new ideas. The entrepreneurial spirit in this country runs deep, and it is certainly not a surprise that they are well-and-truly leading the way in this space for some time.
Japan’s highest authority, the House of Representatives is already deep into an approval procedure that will allow cryptocurrency gambling in the country to really take off. With the potentially huge revenues, this new venture could generate, there is enormous support already behind the initiative. Conservatism and risk-avoidance are two traits that Japanese politicians often align themselves with, and regarding crypto, there is still concern over the wider economic impact of fully integrating the digital asset into the real economy.
With two monumental and decisive bills still undergoing deliberations, the Financial Instruments Act and Payment Services Act will directly determine how the whole situation will play out. Should the Japanese opt into the scheme and establish some foundational crypto regulations, it will be ‘go time’ for all parties involves. As already mentioned, the expectation remains high that cryptocurrency gambling will eventually flourish in the country.
Crypto Betting Possibilities in India
India is a country that has a long and existing relationship with cryptocurrency, integrating it a long time ago into their economy. But up until now, despite their crypto friendliness, they have not yet introduced a form of crypto gambling. There is an intense debate currently going on within the country over the effectiveness of crypto gambling, the government is apparently launching studies into the effectiveness of the use of gamifying cryptos will be.
Recently there have been several positive indicators that the Indian government will eventually go for the idea and approve cryptos. They have been gradually moving the economy closer to digital payment systems, as they offer a far more robust and reliable mechanism to track economic activity. Under these grounds, it would be entirely possible for cryptocurrencies to offer the government a window into the activities of gamblers using them.
The government in India has regularly repeated their assertation that in India all payments for gambling should be cashless. This is like the already existing use-case in regular online payments. Expanding on this rhetoric, it mentioned that sports betting should be able to make use of a wide range of digital payment methods, offering a clear avenue for cryptocurrency betting in India.
