United Kingdom Gambling Commission (UKGC)<\/a> this year appeared to quietly sanction the use of digital currencies when it updated its License Conditions and Codes of Practices in September. And the Isle of Man’s Gambling Supervision Commission (GSC) and Treasury approved changes to laws that will allow digital currencies to be accepted as cash deposits for online gambling sites.<\/p>\nIt will be interesting to see what shape these new more Bitcoin-friendly regimes will take as they emerge in 2017. Both jurisdictions adhere to the highest levels of international anti-money laundering protocols, which would appear to be at odds with the use of Bitcoin for online gambling.<\/p>\n
By its very nature, Bitcoin is untraceable. It\u2019s possible to know the current owner, but not where it has come from, or its use in previous transactions, which makes it very difficult to satisfy most anti-money laundering measures. Bitcoin remains an unregulated currency, and attempts to impose regulation on it may prove to be more difficult than anticipated in an increasingly regulated and monitored online gaming universe.<\/p>\n","protected":false},"excerpt":{"rendered":"
This was the year that Bitcoins grew up, or at least hit adolescence. Once considered subversive, the decentralized digital currency continued to gain mainstream acceptance throughout 2016. It even became a payment mechanism for legitimate goods and services, rather than a shady way of paying for shady stuff only a few years back: things like […]<\/p>\n","protected":false},"author":42,"featured_media":39879,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,19,13],"tags":[],"acf":[],"yoast_head":"\n
Bitcoin Finds Its Place in the World in 2016, Sort Of<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n