Topic: The future of CBDC in gambling. - page 8. (Read 774 times)
I love a private gambling life and CBDC can't give me this because of the centralized system and you will need KYC which might be a risk to your identity. Cryptocurrency keeps gambling private if you chose to be private. CBDC is fiat but not a touchable one so if governments implement such law,I don't think the casinos will have any option than to accept it because they have a regulatory body. Looking at the critics of government on bitcoin, I think a time might come when government will tell casino operators to use CBDC for gambling.
If the casino is regulated we might see the ease of use of the CBDC wallets. There is no need for KYC because you already have KYC on it and they wouldn't need to verify things, they already know what you are doing. CBDC might even send a direct message to your wallet congratulating you for winning a slot game. But I guess the budget allocated for gambling spending is also regularly monitored.
This will not impact the casinos in Macau since we are talking about the so called capital of gambling as for me there is only one real capital of gambling and that is definitely Las Vegas,the casinos won't have a difference as CDBC are so called,kinda like e-currency but they are not cryptocurrencies and as such the casinos will continue to do the same,they will exchange those e-currencies for house in chips and something similar,or maybe they will be used to pay for accommodation in the bigger casinos which have also big hotel suites,I don't see any impact for our realm here,for the cryptocurrencies so for me whatever happens with CDBC is none of my concern as I will never use them.
US hasn't launched CBDC yet. This could be big for the Chinese visiting Macau and it might not take long when it's also going to be implemented in Hongkong. It's a known fact that China is the first to have launched CBDC.
Their CBDC is linked to Alipay or Wechat AFAIK so they can deposit electronically going to thier CBDC making it convenient. If they are advertising CBDC still and probably airdropping RMB is probably because of fewer users still.
If the casino is regulated we might see the ease of use of the CBDC wallets. There is no need for KYC because you already have KYC on it and they wouldn't need to verify things, they already know what you are doing. CBDC might even send a direct message to your wallet congratulating you for winning a slot game. But I guess the budget allocated for gambling spending is also regularly monitored.
This will not impact the casinos in Macau since we are talking about the so called capital of gambling as for me there is only one real capital of gambling and that is definitely Las Vegas,the casinos won't have a difference as CDBC are so called,kinda like e-currency but they are not cryptocurrencies and as such the casinos will continue to do the same,they will exchange those e-currencies for house in chips and something similar,or maybe they will be used to pay for accommodation in the bigger casinos which have also big hotel suites,I don't see any impact for our realm here,for the cryptocurrencies so for me whatever happens with CDBC is none of my concern as I will never use them.
Whether we agree on the implementations of CBDCs or not.
We cannot deny that if they are implemented in important markets like the United States, Europe or China (The E-Yuan is already a reality), it would mostly likely mean that casinos will start to take them in exchange of credit/chips/or money on their websites.
It would be kind of weird if the CBDCs were not welcomed in the casinos as an adoption, tho. Considering the huge adoption the governments of the world are expecting them to have.
Of course, while casinos are not forced to adopt those electronic FIATs and ditch Bitcoin and other cryptos, one could argue that more options are convenient, but it would be very sad and outraging if regulators pushed laws to only allow centralized coins minted by central banks to be used for gambling on internet...
We cannot deny that if they are implemented in important markets like the United States, Europe or China (The E-Yuan is already a reality), it would mostly likely mean that casinos will start to take them in exchange of credit/chips/or money on their websites.
It would be kind of weird if the CBDCs were not welcomed in the casinos as an adoption, tho. Considering the huge adoption the governments of the world are expecting them to have.
Of course, while casinos are not forced to adopt those electronic FIATs and ditch Bitcoin and other cryptos, one could argue that more options are convenient, but it would be very sad and outraging if regulators pushed laws to only allow centralized coins minted by central banks to be used for gambling on internet...
Even if it's not really a crypto at all and just the same as fiat or digital cash, I guess that there will be adoption on it as well.
So if gambling focused countries or areas like Macau, Vegas and other popular gambling places. If their government enforces them and pushes them to be required to accept CBDCs, they can do something about it?
I don't think so.
And that's why, there's also a possibility that they'll just accept it but it depends to their gamblers if they'll massively adopt it or still prefers to gamble the traditional or crypto way.
So if gambling focused countries or areas like Macau, Vegas and other popular gambling places. If their government enforces them and pushes them to be required to accept CBDCs, they can do something about it?
I don't think so.
And that's why, there's also a possibility that they'll just accept it but it depends to their gamblers if they'll massively adopt it or still prefers to gamble the traditional or crypto way.
If the casino is regulated we might see the ease of use of the CBDC wallets. There is no need for KYC because you already have KYC on it and they wouldn't need to verify things, they already know what you are doing. CBDC might even send a direct message to your wallet congratulating you for winning a slot game. But I guess the budget allocated for gambling spending is also regularly monitored.
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. a lot of people are misled into thinking that CBDCs are cryptocurrency because of their digital nature but at the bottom of it all, they are fiat through and through. Although I would agree with OP in a sense that this still warrants some form of discussion to be made since there's no restriction in this forum that states you can't talk about anything other than cryptocurrency gambling in the Gambling Discussion forum. But I digress. 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.
CBDCs are still a little infantile and are still with its fatal flaws that makes it unappealing to the people who it would cater towards. For example, unlike cryptocurrencies, and sometimes even unlike greenbacks, CBDCs are highly traceable and are able to be tracked down right from their minting, that wouldn't sit well with a lot of people.
One of the features presented by CBDCs is the fact they are highly traceable by the regulator body behind it.
For some gamblers it may not be an issue, but for others I believe that is a big cons, therefore they will tend to avoid gambling with CBDCs, still going for fiat (as we have right now), bitcoin and altcoins (especially stablecoins).
Everyone who have concerns regards privacy will try avoiding this category of currency, and in case CBDCs find a fertile land in gambling industry, it will mean most gamblers aren't worried about their funds and financial routine being tracked by the Central Bank. So let's see.
For some gamblers it may not be an issue, but for others I believe that is a big cons, therefore they will tend to avoid gambling with CBDCs, still going for fiat (as we have right now), bitcoin and altcoins (especially stablecoins).
Everyone who have concerns regards privacy will try avoiding this category of currency, and in case CBDCs find a fertile land in gambling industry, it will mean most gamblers aren't worried about their funds and financial routine being tracked by the Central Bank. So let's see.
CBDC is legal tender (once it will be emitted)... so for sure ... casino will accept it! it's also their interest and probably it will become one day the only form of payment in a casino.
The only chance to see not accepter is a scenario with casino/betting illegal/banned.
But I think this is something impossible for the next decades
The only chance to see not accepter is a scenario with casino/betting illegal/banned.
But I think this is something impossible for the next decades
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.
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.
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;
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
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
Jump to: