The future of CBDC in gambling. - page 7.

cryptomaniac_xxx

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Quote from: Wakate on March 23, 2023, 06:11:02 AM

Quote from: Yaunfitda on March 23, 2023, 12:17:51 AM

I agree with the majority here, it's just a digital copy of fiat so it will be accepted by casinos not just by Macao by all over the world. And for sure government might be pushing for it as we will go cashless in the future, although there are far more advance nation in Europe already that are going cashless and digital.

But with the advent of CBDC, it will be more evident moving forward that it will be part of the society just like fiat money.

So there will be no advantage for us, I guess. Maybe we might used it more often though than a fiat system.

Since it is a digital currency that is built on Blockchain then accepting it should not be a problem since the government are in charge. Just like China, they encourage business to do transactions with there cbdc digital fiat which had been into existence for long now. Many countries are creating there own cbdc for businesses to use it so to make there currency strong. We should not be surprised seeing gambling sites accepting cbdc from gamblers from different regions.

That will be the case for countries like China, I mean they are the authority so they can imposed that to their population and they don't have any choice. But for other countries, maybe the population will used it maybe not.

For gambling, still up to us whether we want to used it or still remain with the tradition money that we used to.

But yes, we are going cashless in the next future, so most likely CBDC will be used by the majority.

Wakate

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Quote from: Yaunfitda on March 23, 2023, 12:17:51 AM

I agree with the majority here, it's just a digital copy of fiat so it will be accepted by casinos not just by Macao by all over the world. And for sure government might be pushing for it as we will go cashless in the future, although there are far more advance nation in Europe already that are going cashless and digital.

But with the advent of CBDC, it will be more evident moving forward that it will be part of the society just like fiat money.

So there will be no advantage for us, I guess. Maybe we might used it more often though than a fiat system.

Since it is a digital currency that is built on Blockchain then accepting it should not be a problem since the government are in charge. Just like China, they encourage business to do transactions with there cbdc digital fiat which had been into existence for long now. Many countries are creating there own cbdc for businesses to use it so to make there currency strong. We should not be surprised seeing gambling sites accepting cbdc from gamblers from different regions.

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Quote from: Rruchi man on March 22, 2023, 01:37:05 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?

CBDC is an idea that almost all the countries in the world have agreed on - to launch their own digital currency, to defeat crypto dominance in the world. So will this CBDC be adopted by businesses like this casino? I think this is very likely to happen, considering that casinos are a legal business operating in Macau and they have to comply with the Macau authorities who will launch their own digital currency. Not even just in macau, I think the majority of casinos globally will probably support CBDC on their platform and they can't refuse that.

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Quote from: Rruchi man on March 22, 2023, 01:37:05 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.

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

It's simply fiat, so I don't think theres any reason why it wouldn't be used in gambling. Especially if you consider how the government would have transparency woth regards to which money comes in from where in every gambling business. I doubt crypto casinos would implement it though, unless required by the governing body over them. It technically isn't crypto after all, it's just digital fiat.

Solosanz

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Quote from: bitzizzix on March 23, 2023, 04:43:52 AM

If CBDC exists it is likely that casinos will adapt and be used for betting and CBDC, fiat and crypto have similar uses and I think casinos will accept them as all three will exist and can be used for betting. And anything that is valuable and lots of people use it, the casinos will follow suit and most importantly valuable and profitable.
CBDC will not reduce players who use crypto to bet because crypto is still the best, fastest and youngest in transactions or payments.

Crypto casino has a choice to not adopt CBDC because the current licensed crypto casino in this forum didn't always accept fiat on their site. When CBDC or fiat money is accepted, the casino might ask KYC during registration or before the user can make a deposit. This make the casino is really strict with their regulation, many gamblers are tend to avoid these kind casinos and rather to choose temporary no KYC casino.

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Quote from: Outhue on March 23, 2023, 03:00:32 AM

Quote from: Rruchi man on March 22, 2023, 01:37:05 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.

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

I have no problem with gambling websites accepting CBDC, the only thing that can cause a problem is CBDC making all gambling websites and locations to only accept Fiat and CBDC to get rid of crypto as means of payment, I believe this will never happen, online gambling websites are all open to any means of payment to make things easier to their users, so it doesn't make any difference, I am even thinking that CBDC may perform woefully vs Fiat, but only time will tell.

If CBDC exists it is likely that casinos will adapt and be used for betting and CBDC, fiat and crypto have similar uses and I think casinos will accept them as all three will exist and can be used for betting. And anything that is valuable and lots of people use it, the casinos will follow suit and most importantly valuable and profitable.
CBDC will not reduce players who use crypto to bet because crypto is still the best, fastest and youngest in transactions or payments.

_act_

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Quote from: Yaunfitda on March 23, 2023, 12:17:51 AM

I agree with the majority here, it's just a digital copy of fiat so it will be accepted by casinos not just by Macao by all over the world. And for sure government might be pushing for it as we will go cashless in the future, although there are far more advance nation in Europe already that are going cashless and digital.

But with the advent of CBDC, it will be more evident moving forward that it will be part of the society just like fiat money.

CBDC is not a digital copy of fiat, according to what I have read and according to some posts too, CBDCs are basically fiat. I do not see CBDC as a way to move forward in gambling, I can easily use fiat digitally to gamble on casinos, CBCC offers nothing new. The supported countries can easily transfer fiat to gamble on a betting site, it takes just seconds for it to be processed, there is nothing new CBDC would add. We have cryptocurrencies too, which are far better and CBDC is not better than old fiat.

Quote from: Yaunfitda on March 23, 2023, 12:17:51 AM

So there will be no advantage for us, I guess. Maybe we might used it more often though than a fiat system.

I do not think so, people are more acquainted to traditional fiat.

Outhue

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Quote from: Rruchi man on March 22, 2023, 01:37:05 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.

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

I have no problem with gambling websites accepting CBDC, the only thing that can cause a problem is CBDC making all gambling websites and locations to only accept Fiat and CBDC to get rid of crypto as means of payment, I believe this will never happen, online gambling websites are all open to any means of payment to make things easier to their users, so it doesn't make any difference, I am even thinking that CBDC may perform woefully vs Fiat, but only time will tell.

macson

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CBDC is a product ^(fiat) issued by the government with the intention of tracking all transactions of its citizens, so if i am forced to play gambling with the obligation to use CBDC then i will leave the gambling place ^{(online or offline)} and go to one that does not require the use of CBDC.

in the future, seeing the size of the gambling market, i believe the government will require gambling sites to provide deposits or withdrawals with CBDC.

Hirose UK

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Quote from: Yaunfitda on March 23, 2023, 12:17:51 AM

But with the advent of CBDC, it will be more evident moving forward that it will be part of the society just like fiat money.

So there will be no advantage for us, I guess. Maybe we might used it more often though than a fiat system.

CBDCs may move forward but what you need to understand is that they will never become part of society like fiat money.
Have you forgotten that in the past many crypto users also assumed that crypto could be like fiat money where it would become part of society and could be used in all places but in fact until now it is still controversial and there are always conflicting laws regarding crypto made by several countries.
The advantages and disadvantages that we can get depend on our own use and use.

Yaunfitda

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I agree with the majority here, it's just a digital copy of fiat so it will be accepted by casinos not just by Macao by all over the world. And for sure government might be pushing for it as we will go cashless in the future, although there are far more advance nation in Europe already that are going cashless and digital.

But with the advent of CBDC, it will be more evident moving forward that it will be part of the society just like fiat money.

So there will be no advantage for us, I guess. Maybe we might used it more often though than a fiat system.

len01

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the future of gambling using CBDC could be yes or no, it depends on the enthusiasts of the gambler there if there is increasing interest in the gamblers using the CBDC I think there will be a future of gambling using the CBDC,
but if gamblers' interest in the currency declines, it may be difficult to have a future gambling using CBDCs.

Plaguedeath

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CBDC is just a payment option, there's not so much change,

I think if there's a casino want to accept CBDC, they will end up like online fiat casino where they need to follow a whole rules and regulations because it's will be more strict since the government have a track and access with their CBDC. They can easily identify which person gamble on the casino through their private blockchain.

Anyone who want to gamble using CBDC need to understand if they will not have any privacy.

Darker45

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There's no doubt CBDCs, once implemented, will also be accepted in gambling. Because why not? In the first place, do these gambling businesses have a choice? CBDCs are the digital versions of fiat. If the government declares that a new CBDC is now in full implementation, it is automatic that commerce, all business establishments including casinos and other gambling businesses, will also start accepting it.

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Quote from: o48o on March 22, 2023, 05:49:38 PM

Well accepting a form of fiat money that maybe exist in the future is just preparing for the future.
Working and adopted version of CBDC doesn't exist yet and they are already thinking of banning whole concept in USA.
Now if there would be zero knowledge based CBDC they wouldn't need to do that but i don't think those people are educated enough to understand why.

But accepting fiat money distributed via new tech isn't really news imho. We don't yet even know what that tech is going to be.

USA made the first step in raising concerns about a CBDC and banning it. But I think there is also some political reason behind it in face of the competition with China. Criticizing China politically while adopting a fiat currency system that is used there for surveillance reasons might not be a very good selling point for an administration.

As for casinos, I guess they could be forced to accept it if they want to get the required licenses. But that won't make casinos disappear as decentralized prediction markets will at some point be mature enough to work at scale and in a decentralized way anyway. That's when crypto will still be the first choice for many.

The problem might be when a player has to prove where winnings come from. So regulation could still be a pain in the ass.

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In what ever way it is or what ever way they try to portray it, CBDC can never take the place of cryptocurrencies, there is a reason why many of us love cryptocurrency, it's not for the fact that it's digital, but it's decentralized nature is one of the reasons why CBDC can never replace crypto..

So no matter what, gambling with crypto currencies will always be, even with CBDC present or not, crypto is here to stay, CBDC can't take crypto gambling away.

stomachgrowls

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Quote from: Oshosondy on March 22, 2023, 01:44:58 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.

Exactly and this is why this news isnt really that something interesting because we know that CBDC's = Fiat which it isnt really that something new.We community would really be that interest if ever this one talks about

accepting Bitcoin and other altcoins in the market would be something that would really be that interesting but this one talks CBDC's.. nahhh... This isnt something that look interesting.

This wont really be that a good news for us crypto community.They cant accept all they want but it would be great if crypto overall would be reconsidered.

Baofeng

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Quote from: Oshosondy on March 22, 2023, 01:44:58 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.

True, it's just like fiat to me, and it's not to have the true definition of crypto. So in any case it will be rolled out and casinos are going to accept it, then it's not going to be surprising to us. And so by definition they should be of legal tender already as it is back up by government. They might have to developed let's say a slot machine to read QR code or something to that effect if CBDC's are going to be accepted. On the other hand, it's going to be easy for anyone to be track with their CBCD, that's already a fact so anyone whose going to used it in casino will obviously leave their footprints there. Regarding the question of it being universally accepted by casinos? sure, everything that people are willing to used in a casinos then they are going to accept it. If BTC will be the next trend for them? yeah, the same, it's business for them, so it's normal and not surprising.

o48o

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Well accepting a form of fiat money that maybe exist in the future is just preparing for the future.
Working and adopted version of CBDC doesn't exist yet and they are already thinking of banning whole concept in USA.
Now if there would be zero knowledge based CBDC they wouldn't need to do that but i don't think those people are educated enough to understand why.

But accepting fiat money distributed via new tech isn't really news imho. We don't yet even know what that tech is going to be.

Fortify

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Quote from: Rruchi man on March 22, 2023, 01:37:05 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.

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

It sounds, as always, that this is in the most basic and early stages of becoming a possibility based on the information in that article. Anything connected to China is also going to be a grey area, good luck getting your money out if a company goes rogue or they simple decide not to pay you or a politician decides to change the law one day. The fact that China has banned Bitcoin shows they are clearly against the whole idea of cryptocurrency, which fits in with their theme of trying to centralize control of everything, which has been shown to fail many times throughout history. It will become an interesting story when a more free and structured government starts to allow this functionality.

Topic: The future of CBDC in gambling. - page 7. (Read 774 times)