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The comfort of the Bitcoin currency is certainly one of the biggest reasons why it has been adopted by many online playing operators like online sportsbooks, on-line casinos and online poker sites.

But the anonymity and lack of central controls which have led to the growing recognition of the Bitcoins has also made them engaging to criminals, which has triggered using the currency to turn into increasingly of a focus for on-line playing regulators.

The regulators of the world’s greatest online betting sites, who have already been taking action against an array of illegal playing sites working in various currencies, embrace the UK Lottery Operators Association who’re also calling for the ban of the Bitcoin.

«We are appalled by the rising phenomenon of betting sites taking up Bitcoin currencies or utilizing them in any means to ensure funds usually are not prone to fraud or to keep away from authorized restrictions such as anti-money laundering requirements,» mentioned Neil Wilson, director of strategy and compliance at the UK Lottery Operators Association.

«With Bitcoin turning into a preferred means for online gambling services to pay their working prices, the scenario has become significantly regarding.»

The on-line playing scene has been rocked in current instances by a string of high-profile cases of cheating and gambling dependancy in the UK involving players who’ve misplaced tens of millions. The latest case happened earlier this month when four students in England and Wales accused of cheating in an online poker game claimed they had misplaced over $8,000 with each hand. An investigation into the claims are ongoing, and the case has been referred to the Crown Prosecution Service.

Meanwhile the European Union has mentioned that it considers Bitcoin playing to be illegal, but the European Commission has previously mentioned it’s exploring the idea of legalizing the foreign money. The European Monitoring Centre on Drugs and Drug Addiction (EMCDDA) said earlier this month that Bitcoin is changing into more and more in style amongst gamers.

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The chief in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an unbiased operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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