Topic: government's traditional laws can't handle Gambling+cryptos - page 3. (Read 260 times)
In many states that have adopted cryptocurrencies over time will create a regulatory framework and regulators will be forced to create special departments specializing in cryptocurrency analysis. In my opinion, it is a matter of time because technology always develops faster than legislative and regulatory institutions can react to it.
The regulatory framework for cryptos is a nightmare for many governments and the main reason for that is that cryptos were in the first place conceived to break the government monopoly and control over money. The fact that they find difficult to control crypto sites and crypto movements in general is just a confirmation of the success of the original vision and strategy. Gambling is just and example.
Also, legislation has always been quite slow on regards to newer technologies.
Also, legislation has always been quite slow on regards to newer technologies.
I found this article online:
https://www.gamblinginsider.com/in-depth/13527/new-frontiers-in-gambling-present-problems-for-regulators
In the article the regulators explained how they cannot control certain new gambling sites like : sorare.com and are issuing warnings about them. Since they cannot take it entirely as gambling, the speculation in the football index is actually something that is way beyond the scope of government's regulatory body.
The commission cannot monitor the site continuously. Their framework does not allow to do so. How at the end the public is criticizing them about their age old traditional methods to try and control the gambling.
But now with the new technologies they are unable to cope up with the regulatory stress. Shouldn't they ask themselves this question that why haven't they thought about this since 2009 when cryptocurrencies were invented and the gambling+ crypto industry came not long after that.
Now they cannot question cryptocurrencies, they cannot question gambling, the laws needs a serious reform. But I somehow feel like the government will again bend this down and make this the probelm of cryptocurrencies and not them.
What do you think about this particular article??
https://www.gamblinginsider.com/in-depth/13527/new-frontiers-in-gambling-present-problems-for-regulators
In the article the regulators explained how they cannot control certain new gambling sites like : sorare.com and are issuing warnings about them. Since they cannot take it entirely as gambling, the speculation in the football index is actually something that is way beyond the scope of government's regulatory body.
Quote
The ability to sell bets/shares between users was something the company put in place immediately, but it did so without any permission. This is a feature that sits outside gambling regulation and is something the Commission would be likely to refuse and had done so before,” remarked Rhodes.
The commission cannot monitor the site continuously. Their framework does not allow to do so. How at the end the public is criticizing them about their age old traditional methods to try and control the gambling.
But now with the new technologies they are unable to cope up with the regulatory stress. Shouldn't they ask themselves this question that why haven't they thought about this since 2009 when cryptocurrencies were invented and the gambling+ crypto industry came not long after that.
Now they cannot question cryptocurrencies, they cannot question gambling, the laws needs a serious reform. But I somehow feel like the government will again bend this down and make this the probelm of cryptocurrencies and not them.
What do you think about this particular article??
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