The latest currency at online casinos, Bitcoin, sees players having several advantages such as being entirely digital, free from national regulation, accessed all over the globe and can be traded with complete obscurity.
There are, however, some disadvantages to Bitcoin which includes the fact that there is a limited supply of this currency and that it does not have official recognition which makes it more volatile than other currencies.
At present Curacao is the only online gambling regulatory jurisdiction that has given approval to its licensees to accept Bitcoins. The Isle of Man Gambling Supervision Commission has, however, proposed that its licensees accept transactions made in bitcoin currency. It is, however, still waiting for acceptance to be granted.
The situation has changed since the UK Gambling Commission declared that Bitcoin is an acceptable method of payment and online casinos that are licensed in the United Kingdom will, ultimately add Bitcoin to the list of currencies available to their players.
The UK Gambling Commission has released its latest updated version of the License Conditions and Codes of Practice (LCCP) which will come into effect on Monday, 31st October 2016. Those interested in perusing the LCCP can check out the section that addresses the “cash and cash equivalents, payments methods and services” that gives online casinos licensed by the UK Gambling Commission instructions on carrying out relevant policies and procedures applicable to the usage of cash and cash equivalents by customers.
The Malta Gaming Authority sees Bitcoins as a dicey proposition and is not allowing its licensees to accept this currency for now.
