The future of CBDC in gambling. - page 5.

Chikito

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Quote from: Rruchi man on March 22, 2023, 12:37:05 PM

With how much CBDC's are being developed for use as a legal tender, do you think there is a future for gambling with CBDC's?

This looks like the potential for the future, but we can't avoid the fact that gambling is can still be restricted with the country even having and using CDBC. it's not easy if we try to force it, because the government must need a change in law and even amendments to the constitution.

And, I think the CDBC is Maybe good for gambling sites, because people who use CDBC already KYC on the central bank, and the site doesn't wash time asking for the KYC again.

dothebeats

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I won't use CBDCs for gambling. It allows you to be tracked and get a lot of information from you on how you spend your money. I'm fine with using them on other daily purchases, but perhaps not on gambling. Cryptocurrencies is what you want to use if you want to enjoy your gambling escapades. It's way easier, less complications, and provides you some level of anonymity that helps you keep the governments at bay. They might have your KYC information on the site, but they don't know how are you spending your money because you don't use what they want you to use.

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Quote from: noormcs5 on March 25, 2023, 06:25:21 PM

Quote from: Jawhead999 on March 25, 2023, 08:26:47 AM

Quote from: mindrust on March 25, 2023, 07:58:52 AM

I don't really see how CBDC are a game changer. Online crypto casino should stick to legit projects like BTC, ETH, DOGE, LTC etc... They have already proven themselves and they work just fine. Just don't do any business with the govs and let them implode.

CBDC can be a game changer if the government ban the whole stable coin, the worst case they ban all cryptocurrencies including Bitcoin. If the government force their citizens to use CBDC, we have no option because we can't reject it, especially if there's no cash is used anymore.

However I'm not supporting CBDC and I just hope the government will not ban all cryptocurrencies because it will create a huge panic.

If there will be government issued CBDC, gamblers can use if for playing and betting. However, there will no restrictions that we have to use CBDC for gambling and cannot use bitcoin or crypto for gambling.
However, i would take it in a positive way as there are still many gamblers who do not believe in bitcoin and want to bet using dollars or their own fiat money. Now those people can use digital money for gambling too, hence the online crypto based gambling sites can attract more players through CBDC.

There would be no restriction since these things are considered or be treated like e-fiat which the government had mold on which it would be understandable that you are dealing up with something which is regulated and been allowed.Yes, there's no limit and there would be no hesitance on making use of it but on the time that you are owning big amounts then dont get be shocked if governments eyes
would be on you.Honestly, there's no shocking thing about using up CBDC or they would decide on adding it up because it would be no to little difference on using up fiat.
What matter most is on making use of crypto even more than with these cbdc's.

noormcs5

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Quote from: Jawhead999 on March 25, 2023, 08:26:47 AM

Quote from: mindrust on March 25, 2023, 07:58:52 AM

I don't really see how CBDC are a game changer. Online crypto casino should stick to legit projects like BTC, ETH, DOGE, LTC etc... They have already proven themselves and they work just fine. Just don't do any business with the govs and let them implode.

CBDC can be a game changer if the government ban the whole stable coin, the worst case they ban all cryptocurrencies including Bitcoin. If the government force their citizens to use CBDC, we have no option because we can't reject it, especially if there's no cash is used anymore.

However I'm not supporting CBDC and I just hope the government will not ban all cryptocurrencies because it will create a huge panic.

If there will be government issued CBDC, gamblers can use if for playing and betting. However, there will no restrictions that we have to use CBDC for gambling and cannot use bitcoin or crypto for gambling.
However, i would take it in a positive way as there are still many gamblers who do not believe in bitcoin and want to bet using dollars or their own fiat money. Now those people can use digital money for gambling too, hence the online crypto based gambling sites can attract more players through CBDC.

Saint-loup

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Quote from: TimeTeller on March 25, 2023, 04:43:36 PM

I am also on your side, CBDC is just the digital counterpart of their fiat.
So if the casino is crypto-based and not accepting fiat, then, they won't accept CBDC as well.
I don't know how it will be a game changer. But if the fiat-based casino will start accepting CBDC, then, later on, they may accept crypto if they haven't done it yet.
Macau casinos (land-based) are accepting fiat, if they will accept CBDC, then, high likely, they will soon accept crypto, which is good for the crypto market.
But remember, one is not free from the submission of KYC docs when you use CBDC as it is the same with fiat, you are just using a digital currency of it.

I disagree with you, because usually casinos don't accept fiats to avoid getting troubles with banks, they don't like casinos because they can wipe out their customers funds very quickly. But CBDC won't use banks and only central authorities from their own countries will be able to block transactions. So users will be able to send their funds and to receive them directly from their wallets at anytime without giving any order and justifying anything to their banks.

tabas

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Quote from: Rruchi man on March 22, 2023, 12:37:05 PM

If Casino's in Macau begin accepting CBDC's, It may prompt other casino's to follow suit especially in places where CBDC's already have the Legal Tender status.

Gambling Capital of the World Macau to accept CBDC as Legal tender

But that will only happen for other casinos if they think that there's a sufficient demand for it. It's like that they'll just wait for the result of it and if there's a certain demand that they need to meet from this adoption then it would be no brainer for the other casinos to do the same.
Thus, governments can just easy impose this to their local casinos if they've got CBDC to be adopted so it will increase the demand of it. IMHO, it will take time until there can be some good feedback on it but with probably pilot testing of it, these casinos and its gamblers would likely to have an unsatisfying feedback about it.

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Quote from: Jawhead999 on March 25, 2023, 08:26:47 AM

Quote from: mindrust on March 25, 2023, 07:58:52 AM

I don't really see how CBDC are a game changer. Online crypto casino should stick to legit projects like BTC, ETH, DOGE, LTC etc... They have already proven themselves and they work just fine. Just don't do any business with the govs and let them implode.

CBDC can be a game changer if the government ban the whole stable coin, the worst case they ban all cryptocurrencies including Bitcoin. If the government force their citizens to use CBDC, we have no option because we can't reject it, especially if there's no cash is used anymore.

However I'm not supporting CBDC and I just hope the government will not ban all cryptocurrencies because it will create a huge panic.

This could happen and government's wish for such a level of adoption. When CBDC is the only option people go for it. This will let the government to have direct control over every person's transaction. This could affect user privacy and we can see decline in the number of users into gambling. Majority wants privacy and for that reason most gamblers look for alternate or just start visiting real casinos.

TimeTeller

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Quote from: mindrust on March 25, 2023, 07:58:52 AM

Quote from: Rruchi man on March 22, 2023, 12:37:05 PM

If Casino's in Macau begin accepting CBDC's, It may prompt other casino's to follow suit especially in places where CBDC's already have the Legal Tender status.

Gambling Capital of the World Macau to accept CBDC as Legal tender

Since CBDC's are not really any different than FIAT, the casinos that don't accept FIAT won't accept CBDC's too. Fundamentally CBDC's and FIAT are both the same thing. If a casino gets into trouble for accepting FIAT or any players from the United States, that casino will experience the same problems if they accept CBDC's as deposits. I don't really see how CBDC are a game changer. Online crypto casino should stick to legit projects like BTC, ETH, DOGE, LTC etc... They have already proven themselves and they work just fine. Just don't do any business with the govs and let them implode.

I am also on your side, CBDC is just the digital counterpart of their fiat.
So if the casino is crypto-based and not accepting fiat, then, they won't accept CBDC as well.
I don't know how it will be a game changer. But if the fiat-based casino will start accepting CBDC, then, later on, they may accept crypto if they haven't done it yet.
Macau casinos (land-based) are accepting fiat, if they will accept CBDC, then, high likely, they will soon accept crypto, which is good for the crypto market.
But remember, one is not free from the submission of KYC docs when you use CBDC as it is the same with fiat, you are just using a digital currency of it.

robelneo

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Quote from: Jawhead999 on March 25, 2023, 08:26:47 AM

Quote from: mindrust on March 25, 2023, 07:58:52 AM

I don't really see how CBDC are a game changer. Online crypto casino should stick to legit projects like BTC, ETH, DOGE, LTC etc... They have already proven themselves and they work just fine. Just don't do any business with the govs and let them implode.

CBDC can be a game changer if the government ban the whole stable coin, the worst case they ban all cryptocurrencies including Bitcoin. If the government force their citizens to use CBDC, we have no option because we can't reject it, especially if there's no cash is used anymore.

However I'm not supporting CBDC and I just hope the government will not ban all cryptocurrencies because it will create a huge panic.

Do you mean all governments of the world? I don't think it's possible the gambling industry serves its players and the regulators' role is to ensure that bad actors will not use the industry for their illegal activity like money laundering.
The casino industry is ok with using Cryptocurrencies and it's their choice not imposed, regulators cannot just impose something in the industry that can affect the whole operation, casinos may accept CBDC as one of the options for their players, and their players who will choose if they want to use CBDC or not.

Dickiy

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Quote from: Rruchi man on March 22, 2023, 12:37:05 PM

With how much CBDC's are being developed for use as a legal tender, do you think there is a future for gambling with CBDC's?

Last year (2022), Macau which is popularly known as the gambling capital of the world due to it's booming casino business were planning to give CBDC's the status other accepted Legal tenders had. It raised the question of it this will prompt casino's in the city to begin accepting CBDC's for gambling?

The government in Macau did not say when;

Quote

The government has not established a deadline for when or which digital currencies will be accepted

But it is something to expect.

If Casino's in Macau begin accepting CBDC's, It may prompt other casino's to follow suit especially in places where CBDC's already have the Legal Tender status.

Yes, of course, every casino that has a good adaptation to technological developments in currency, of course they use several alternative tools or gambling currencies on their website, I think it will have great potential to be adopted by bookies to add to their services, especially if they have received the legal tender. it is very possible in my opinion, after all both crypto, fiat and CBDC as bookies will definitely take steps to their advantage by providing several currency options that are provided to their holders that will make it easy for customers to choose and gamble at their gambling.

Jawhead999

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Quote from: mindrust on March 25, 2023, 07:58:52 AM

I don't really see how CBDC are a game changer. Online crypto casino should stick to legit projects like BTC, ETH, DOGE, LTC etc... They have already proven themselves and they work just fine. Just don't do any business with the govs and let them implode.

CBDC can be a game changer if the government ban the whole stable coin, the worst case they ban all cryptocurrencies including Bitcoin. If the government force their citizens to use CBDC, we have no option because we can't reject it, especially if there's no cash is used anymore.

However I'm not supporting CBDC and I just hope the government will not ban all cryptocurrencies because it will create a huge panic.

mindrust

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Quote from: Rruchi man on March 22, 2023, 12:37:05 PM

If Casino's in Macau begin accepting CBDC's, It may prompt other casino's to follow suit especially in places where CBDC's already have the Legal Tender status.

Gambling Capital of the World Macau to accept CBDC as Legal tender

Since CBDC's are not really any different than FIAT, the casinos that don't accept FIAT won't accept CBDC's too. Fundamentally CBDC's and FIAT are both the same thing. If a casino gets into trouble for accepting FIAT or any players from the United States, that casino will experience the same problems if they accept CBDC's as deposits. I don't really see how CBDC are a game changer. Online crypto casino should stick to legit projects like BTC, ETH, DOGE, LTC etc... They have already proven themselves and they work just fine. Just don't do any business with the govs and let them implode.

uray

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Quote from: goldkingcoiner on March 24, 2023, 02:36:35 PM

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I think we should keep pushing against CBDCs. Unless we all want to live in China and be under total dictatorial financial control.

People in the USA are planning to create their CBDC and so does there are plans globally and these government are expecting to come out with a plan that could control the people as they will be able to monitor each and every transactions made. So are you claiming that every country is trying to be a dictatorship, if so then it might be true as how things are going with Europe and the US in the past several years.

I will never user CBDC to purchase anything as i consider privacy more valuable than using government controlled centralized currency.

passwordnow

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Quote from: ethereumhunter on March 24, 2023, 10:40:25 PM

Quote from: passwordnow on March 24, 2023, 05:20:13 PM

It's like the actual money so I don't think that they'll refuse it to be used in the gambling industry so, it's most likely that it will be used.
But for us gamblers here, we know that it won't be a matter whether the government refuses or not, we have other means of gambling and that's where we've started and that's with the use of cryptocurrencies.

Yes, it is. As long as there are benefits that casinos can obtain, casinos will use them. Especially if the government supports it, it will make the casinos even more eager to implement it because it's the same as they can get support from the government so that casinos can make them even bigger.

We crypto gamblers already have the choice of using crypto to play gambling. And even though the casino eventually implements it and asks us to obey its rules, we can still play gambling in other casinos.

That might happen since casinos are regulated and they'll just have to obey and adhere to whatever the government will tell them to support. So, as part of CBDC adoption and usage, it's very likely that it will be used through it. But then, there have been hot eyes on the casinos and they might think of money laundering and that's gonna be an ugly impression into it so it could also be slashed to that usage. Well, it's up to them and only them can decide whether they will allow it and be enforced or not.

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Quote from: Davidvictorson on March 23, 2023, 08:25:53 AM

Just like bitcoin, CBDC has its place and a future in gambling. However, we should note that they are not as the same as bitcoin. One is centralized, backed by the Central Banks of Countries, the other is decentralized and backed by the will of the people. However, when compared to fiat they are both secured from hacking and other financial frauds.

If you ask me, gamblers would prefer to use Bitcoin for gambling which is more anonymous than any CBDC. So although, it makes sense to use CBDC for the afore mentioned reasons, it's future in the gambling industry will be dependent on it's adoption and listing in online casinos.

In fact, some gambling places in Macau are now planning to accept them as a legal tender. I think that was pretty quick compared to Bitcoin when the currency is already here many years ago.

Well, with according to how you differentiate them, I guess I wouldn't really wonder on why CBDC easily gets this status of legal tender, that is because they are backed by the banks while there are so many banks and governments who are allergic to Bitcoins but it was still great that there are already a few countries who made BTC a legal tender. We can still use our BTC online and on online gambling if not on the real world or brick and mortar casinos.

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Cdbc is government issued, so ofc it will be legal tender rather than 'if'. Regarding acceptance, I think they will. Cdbc is better than crypto for governments too keep track of.

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Quote from: passwordnow on March 24, 2023, 05:20:13 PM

Quote from: ethereumhunter on March 24, 2023, 05:48:40 AM

Maybe CBDC has a good future too but I don't know because it also depends on the approval of each government. If they don't allow CBDCs, gamblers will revert to their previous form because that's what made them comfortable depositing and withdrawing their money.

It's like the actual money so I don't think that they'll refuse it to be used in the gambling industry so, it's most likely that it will be used.
But for us gamblers here, we know that it won't be a matter whether the government refuses or not, we have other means of gambling and that's where we've started and that's with the use of cryptocurrencies.

Yes, it is. As long as there are benefits that casinos can obtain, casinos will use them. Especially if the government supports it, it will make the casinos even more eager to implement it because it's the same as they can get support from the government so that casinos can make them even bigger.

We crypto gamblers already have the choice of using crypto to play gambling. And even though the casino eventually implements it and asks us to obey its rules, we can still play gambling in other casinos.

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Quote from: Rruchi man on March 22, 2023, 12:37:05 PM

With how much CBDC's are being developed for use as a legal tender, do you think there is a future for gambling with CBDC's?

Governments are certainly very interested in this rapid adoption of CBDCs by casinos, it would end tax evasion, give governments much more financial control and greatly increase their revenue.

Traditional casinos could even benefit from greater user adoption, as I believe it would be easier to make financial contributions and withdrawals compared to traditional Fiat currencies.

However, in casinos that already use cryptocurrencies, I don't see how this adoption of CBDCs could help.

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Quote from: Eternad on March 24, 2023, 09:18:22 AM

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Casino is already implementing KYC which is the number requirements of CBDC since this currency is fully regulated by the law.

I wont be having an issue with undergoing KYC if the casino make them mandatory because i am not gambling from a casino which is situation in my jurisdiction nor my country and hence i do not worry about the government following all my transactions but that wont be the case with CBDC as it will be monitoring each and every transaction and the data will be with the government and it is not a fair situation.

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Quote from: Oshosondy on March 22, 2023, 12:44:58 PM

CBDCs are not cryptocurrencies.

Non of our concern here with fiat, CBDCs are just fiat and nothing more. If any gambling site begins to accept CBDCs which is what would later happen, they are still just accepting fiat. Our concern here is crypto, not fiat.

I agree with you and CBDC are fiat and that it shall remain and I really don't think crypto gamblers will easily accept that and beside gamblers are looking for a more decentralized way through which one could carry out their transactions without so many other third party monitoring and if you'll agree with me , you'll understand that CBDC isn't decentralized but rather centralized and I'm sure it wouldn't be accepted over here and also Nigeria introduced their digital currency (E-Naira) and it seems no one actually used that currency and I'm sure that might be the fate of CBDC.

Topic: The future of CBDC in gambling. - page 5. (Read 833 times)