Bitcoin Ideal for Asian Online Gambling Operators
Bitcoin has been talked about a lot lately as it has found its way into everyday financial transactions. The latest news about the virtual currency besides the government of the USA shuttering the possibility that Bitcoin would allow for online gambling in the country is the fact that Bitcoin has taken root in China of all places.
Bitcoin has been touted as an ideal method for Asian-facing online gambling operators to get around China’s prohibition on moving money on and off online sites. That being said there are some sceptical individuals who claim the virtual currency would not be able to handle the large volume of transactions needed to supply the junket operators in Macau.
“While other jurisdictions are tempering their Bitcoin buy up China is moving forward even though the country has strict policies against moving money offshore.”
Last month China was at the top of the Bitcoin client download list for the first time, outpacing US downloads by a ratio of 85k to 64k, that’s nearly one-third of all Bitcoin downloads in May. This trend has accelerated quicly since the beginning of 2013, with China’s share of the total downloads to date rising from 5 percent to 9 percent over the past five months making China number two on the list for all Bitcoin downloads.
Over the same period Bitcoin’s trading volume in China has gone up more than 300 percent accounting for nearly 6 percent of all trading. China still has the lowest number of client downloads compared to the number of people connected to the internet so the potential for future expansion is obvious. Fueling the Bitcoin interest remains in part a mystery but a Chinese state-run broadcaster aired a documentary on Bitcoin that gave the currency a bright future.
While other jurisdictions are tempering their Bitcoin buy up China is moving forward even though the country has strict policies against moving money offshore.
Speculation is the Chinese authorities will clampdown on the virtual anonymous currency exchange eventually and especially if online gamblers start employing it for their fund transfers.