Australia’s Northern Territory Racing Commission (NTRC), the organization responsible for licensing sports betting in the country, used to view cryptocurrencies like Bitcoin (BTC) as unsuitable for gambling. But recently, its stance has started to change. Now, the NTRC wants to know how sports betting operators feel about using cryptocurrency.
Why This Change?
Cryptocurrencies like Bitcoin have faced scepticism for years, with many doubting their long-term viability. However, more than a decade later, digital currencies are gaining acceptance worldwide. Countries like El Salvador, the UK, Colombia, and even Australia have started to see them as valid forms of currency. This shift is impacting the gambling industry, where crypto payments are becoming more popular.
Looking for Industry Input
In response to growing interest, the NTRC has released a draft for potential regulations that could allow sports betting operators to accept cryptocurrencies. This draft isn’t a guarantee that the NTRC will fully approve crypto betting, but it gives operators a chance to share their views and suggest any additional safety measures.
The NTRC wants feedback on whether operators would let customers deposit and withdraw in crypto or even place bets with it. Operators have until September 29 to share their opinions.
Crypto’s Growing Presence in the Gambling World
Despite recent drops in cryptocurrency prices, the demand for crypto gambling remains strong. In fact, while investors worry about price fluctuations, more online gaming platforms have started to accept crypto payments. This trend is pushing governments around the world, including in Europe, the U.S., and now Australia, to consider new regulations for digital currencies in gambling.
Australia is also taking its first step toward regulating crypto more broadly. This week, Australia’s Treasurer, Jim Chalmers, announced a “token mapping” project. This initiative will track the types and uses of crypto in the country. Chalmers explained that this step will help ensure that consumers using cryptocurrencies are well-informed and protected.
This regulatory interest reflects a new chapter for digital currencies in Australia, showing how the country is preparing to oversee crypto as it becomes more common in areas like sports betting and beyond.
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