The legitimacy of Bitcoin casinos is one of the most controversial topics online. Definitely, it is a result of uncertainties regarding the legality of Bitcoins given that most countries have yet to lock down their official stand about this digital coin’s status as a currency. In addition, seeking legal advice surrounding gambling in Bitcoin casinos is certainly challenging since each country and state has its own gambling laws.
There are several Bitcoin Casino Legal Issues that must be taken into account. But before this, it is important to understand that Bitcoin remains mostly unregulated at the time being and in most parts of the globe, it is not recognized as a financial instrument unlike fiat currencies. After all, it will be very difficult for regulators to control this digital currency given its peer-to-peer nature in addition to the fact that it is specifically made to be unregulated.
One of the most common legal concerns about Bitcoin casinos is anonymity. While it serves as a boon, it can also be a bane in the long run, especially with the advent of all sorts of Bitcoin casino scam. It is necessary to keep in mind that owners of numerous Bitcoin-powered Casinos are anonymous. Hence, in case you have been scammed, you will be left alone given that they may not run into problems with law, unless their identity is revealed. In addition, this is also an issue to making underage gambling possible since most Bitcoin Casinos do not require personal credentials for players to get started.
In addition, there are also Bitcoin Casino Legal Issues when it comes to the question of Bitcoin casino regulation and getting a license. Basically, it depends upon the state or the country’s position on Bitcoin’s legality. Recently, Thailand and Russia banned Bitcoins while Germany considers this virtual coin as ‘real money’. Obviously, for countries that banned the use of BTCs, gambling at or Bitcoin casinos themselves are considered illegal. On the other hand, countries that accept Bitcoin as a currency grants regulation or license to Bitcoin-based industries like Bitcoin casinos. Lastly, which is the majority, countries that are still on the process of taking an official position about the legality of Bitcoins still allow Bitcoin casinos to operate without seeking regulation, but only until a final decision or law is implemented. Absolutely, the legality of Bitcoin casinos will depend heavily on where you live and the place where the gaming platform you are in is based.