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Nevada Sees Potential For Crypto With Cashless Casino Ruling

Crypto Kiosks Now Require License And Surety Bond To Operate In Nevada

The world at large is, for the most part, still wracked in the throws of the COVID-19 pandemic. Even so, the world is trying its hardest to get the gears turning once more, and have the world operate in spite of the pandemic. As such, the US state of Nevada, home of the gambling capital, Las Vegas, has had to make changes.

A New Cashless Gambling Era

The Nevada Gaming Commission has officially introduced a cashless system within its land-based operations, doing so on the 25th of June, 2020. Through doing so, a massive opportunity rests for cryptocurrencies, being cashless by its very nature.

Eight amendments were passed by the NGC, in total, and each of these amendments ensured an easier use of cashless systems. These amendments are effective immediately, and remove some of the requirements that were previously needed to enact a cashless system, such as mandating print outs for slot machines. What this means is a prospective gambler can now transfer funds from their smart devices directly to the gambling tables or the slot machines, then back again.

The Future of Blockchain-Based Online Casinos

Raising Concerns

According to the NGC, there’s hope that this would be the first step forward in transforming the use of money within the Ethereum casinos, moving it towards an electronic payments system. As one would imagine, however, this ease-of-use system has caused some people, such as responsible gaming advocates, to express their concerns about the matter at large. According to these advocates, this new cashless system will only see compulsive gambling easier to accomplish.

John Moran, the acting commission Chairman of the NGC, disagreed with this notion, as one would imagine. In his words, he explained that there really isn’t anything given up by approving this first step. It should be noted, however, that he said the first step, which meant that there would be more in the future.

Prime Territory For Crypto

Sandra Margon, Jim Barbee, as well as Phil Katsaros, all board members, were all in agreement that this shouldn’t introduce any new problem. They went as far as to claim that this should improve matters, as it would trace financial transactions through the cashless systems, thus enforcing self-exclusion.

As one would imagine, this is prime breeding grounds for the use of Bitcoin Casinos, with the Bitcoin SV blockchain already having companies pushing for it. BitBoss, one of these companies, already has a brick and mortar solution for BSV in development, one that would apparently do everything that was described in the new amendments of the NGC. The coin itself is a dubious one, and it seems oddly appropriate that its niche can be found within the gambling industry of the US.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.