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UKGC Approves Of Bitcoin Currency

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Bitcoin is currently sweeping the globe from both an investment and gambling standpoint. What the cyptocurrency is working to do is change the way that people use money while online, as it represents the leading solely digital payment method in the world. However, while people are clambering to get their hands on bitcoin, matters have hardly been smooth sailing for the cyptocurrency, as many have questioned whether or not bitcoin truly has a “home”.

Acceptable For UK Players

Ensuring that bitcoin and the online casino industry are able to work in tandem, Curacao was the very first jurisdiction to approve the use of the cryptocurrency. Now, officially speaking, bitcoin is approved for use at all Curacao licensed online casinos. For years, this is all that the world would hear with regards to official bitcoin approval; that is until now. This is because the UK Gambling Commission (UKGC) has also jumped aboard the bitcoin bandwagon, declaring it an acceptable method of payment at online casinos in the United Kingdom. These new changes related to bitcoin appear in the updated version of the License Conditions and Codes of Practice (LCCP), with such set to come into effect on October 31st 2016.UKGC Approves Of Bitcoin Currency

MGA Still Against Bitcoin

It is certainly great to see that two major gambling jurisdictions have approved the widespread use of bitcoin. But it seems that there is still some resistance to bitcoin within the industry, something that doesn’t make for pretty reading. The Malta Gaming Authority (MGA) still represents a dominant force within the world of online casino play and they are standing against bitcoin, at least on a temporary basis. The MGA believes that bitcoin still represents a dicey proposition, with the technologies related to it still considered “new”.Bitcoin is certainly getting bigger, with its notoriety within the world of online casino gaming growing by the day. With Curacao taking the first step, the UKGC soon followed suit, giving bitcoin backing and subsequently legitimate grounds for use.