South Africa might open its doors to crypto betting soon

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With cryptocurrencies’ increasing usage — from purchasing items, paying mortgages and taxes — it is certain that these digital assets will soon become a central part of our lives.

And recently, one new application is gaining steam that might become mainstream in the near future: Crypto gambling.

But the question is, would countries allow this new type of gambling in the first place? Well, there is a high possibility that these nations might approve crypto gambling soon.

Japan

The House of Representatives in Japan is now considering allowing crypto gambling in the country because of the big revenues it can potentially generate. Japan is still figuring out how it can fully tap the benefits of cryptocurrencies while protecting its economy from their risks.

Hopes are high that if the Financial Instruments Act and the Payment Services Act can finally be signed, crypto regulations will be in place, allowing crypto operations to flourish, including crypto gambling.

India

In India, while the country is known to be crypto-friendly, it has not yet jumped into crypto gambling yet. There were serious debates on whether the government should allow this new type of gambling, and the Indian government is still studying the viability of “gamifying” the use of cryptos.

Recently, India’s preference for virtual transactions has grown because of its big benefits and savings, that’s why crypto gambling isn’t out of the picture yet as cryptos found a special place in India’s economy.

Also, the government said that transactions made on gambling must be cashless like regular online transactions. It added that credit card, debit, and, e-banking should not be the limit to where sports betting (like crypto gambling) can do transactions.

South Africa

In South Africa, as one of the most progressive countries in the African continent, officials are rolling out initiatives to collaborate with other world powers to better tap the benefits of cryptocurrencies. Until now, the country hasn’t yet passed any law that legalizes the use of digital currency.

Also, the country’s National Treasury is proposing to change some existing laws to better accommodate cryptocurrencies and use it for South Africa’s digital payments transition.

And with its openness with cryptos, there is a high possibility that soon, South Africa would also open itself to the idea of regulated crypto gambling in the country.

Sources: micky.com.au