Russia's attempts to block online gambling transactions is great for bitcoin

Discussion in 'General Bitcoin Gambling Discussion' started by Humble Servant, Feb 13, 2017.

  1. Humble Servant

    Humble Servant Active Member Staff Member

    Russia is one of the biggest online gambling markets on the planet. Billions of dollars is spent every year by Russian citizens at online casinos, poker rooms and sportsbooks. Most of these billions flow to online gambling companions that are not based in Russia and who do not paytaxes. This loss of revenue hasn't gone unnoticed by the Russian government who are now introducing legislation that would force banks and payments processors in Russia to block any payments made to international gambling sites.

    The new legislation would enable the Federal Task Service (FTS) to create a blacklist of online gambling companions operating in Russia. It would then be illegal for them to process payments to or from any of these companions, making it virtually impossible for Russian gamblers to fund their accounts or receive a payment. Russia has licensed a number of domestic sportsbooks where citizens can wager on sporting events, however, casinos and poker rooms are not permitted.

    This new anti-gambling legislation is music to the ears of many bitcoin gambling sites who will now be competing for a slice of the $3 billion that once flowed to traditional gambling operators. Because bitcoin transactions are censorship resistant, it will be impossible for the Federal Task Service (FTS) to stop Russians placing bets or playing poker using bitcoin.
     
    Last edited: Feb 16, 2017
  2. 2damoon

    2damoon Member

    this might work for a couple of years but as crypto-currencies become more popular they will realise that banning online gambling is as difficult as banning online porn.
     
  3. uglymug

    uglymug Member

    Russia should pay attention to what's happening in China. When the PBOC forced bitcoin exchanges to adopt more stringent AML/KYC processes, the Chinese volume of bitcoin traded on Localbitcoins skyrocketed. It will be impossible for the Russian government to stop online gambling in a world where crypto-currencies exist.

     
  4. are there any bitcoin ATM's in Russia?
     
  5. Humble Servant

    Humble Servant Active Member Staff Member

    Yes, there are. While Russia is a little behind the US and most European countries, BTM's are now starting to appear...

     
  6. Humble Servant

    Humble Servant Active Member Staff Member

    Russia is getting into the bitcoin mining business following the launch of a $100 ICO by one of Putin's cronies. Russia have a ton of oil which they could easily use to mine bitcoin profitability.
     

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