Germany is slated to adopt new online gambling restrictions next year.
Many have noted that these new laws are extremely strict and may force people to go into underground gambling platforms. One particular aspect of online gambling that will receive enormous amounts of scrutiny is payment options.
With these new laws expected to be adopted next year, people are starting to look for viable alternatives. Cryptocurrencies are one of the hottest commodities in recent year. The rise of Bitcoin and other cryptocurrencies have given both people and industries a secure and anonymous way of doing online money transactions.
How cryptocurrency will help online gambling
Once the new German gambling law takes into effect, it will give the government strong regulatory power over common forms of payment. The government claims that this will give them power to crack down money launderers, as well as malicious parties that use online gambling as a front for their operation.
However, many analysts have noted that while the new law will have a drastic effect on illegal gambling operations, it will also limit the way how people transact money online. In short, the new law works as a double-edged sword that will affect both illegal and legitimate gamers.
Due to this threat, people are starting to look towards cryptocurrency. With no central bank and completely anonymous transactions, cryptocurrencies like Bitcoin are extremely hard to track.
With the growing popularity of cryptocurrencies, people can actually have a workaround on this particular restriction. By using cryptocurrencies, people can freely funnel money into their digital casino wallet without the need to worry about strict government protocols.
Unlike most banks which are regulated by the federal government, Bitcoin exists in a blockchain and it does not have a central point of command or operation. This makes it hard for the government to issue restrictions on cryptocurrencies.
Emergence of digital wallets
PayPal is one of the first companies to offer digital payment options for online casinos in the country. However, the online payment platform was forced to close its online casino operation after the German state of Lower Saxony threatened it with sanctions.
The state claims that it has already issued an order regarding online payment companies like PayPal providing a platform for people to funnel money into digital casinos.
The latest one to succumb to this restrictions is Visa. The payment giant announced in May that it will no longer allow the processing of online money transactions that are related to illegal online casinos. Although Visa did not cite the actual reason behind this decision, speculations claim that new German gaming regulations are closing in on the company.
Other payment options are still available in Germany. Services like Apple Pay, Amazon Pay, and Neteller are still in operation. However, people are still concerned about the growing influence of German gambling regulators.
For now, people are still free to use Bitcoin. With gambling regulators closing in on online payment platforms, cryptocurrencies will soon fill that gap.
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