Australia, UK Sees Bitcoin as Threat to Current Systems
Australia and the UK are two nations where Bitcoin is received positively. However, recent reports and statements hinted that they now view the digital currency as a potential threat to the current systems.
In the case of Australia, the Department of the Treasury relays the notion that cryptocurrencies such as Bitcoin will likely disrupt the process of collecting tax. This resulted from the common understanding that the structure of Australia’s tax revenue system is not designed to also function efficiently with digital currencies and other modern financial technologies.
According to the published report:
“Technology has also allowed new business models to evolve that have substantially changed the way businesses and consumers interact. New ways of transacting, including crypto-currencies such as bitcoin, were not contemplated when the current tax system was designed.”
The department listed among the possible threats or risks the ability of merchants to conceal certain assets and evade paying the correct taxes. However, there are yet concrete solutions to be implemented in order to prevent Bitcoin businesses from this possibility.
Last year, the Australian Tax Office announced its intention to put Goods and Services Tax on Bitcoin transactions.
Bitcoin will disrupt banks, says UK association
Meanwhile, the British Banking Association, a private group for the UK banks, pointed out the urgency for financial institutions to step up and study different actions to address the rise of Bitcoin and other digital currencies to avoid being left out by new technologies.
This statement arrived after the publication of its study titled ‘The Digital Disruption: UK Banking Report,’ where cryptocurrencies are regarded as the ‘challengers to more familiar, established currencies.’
Along with the risks for the banks, the report also pointed out the issues concerning Bitcoin, such as price volatility, low market cap, and the potential to become a payment gateway for illicit activities.
Will these affect the growth of the online gambling niche?
There is no denying that Bitcoin has made momentous achievements since 2009, and the Bitcoin casino market is one of the best examples to showcase this progress. Such reports and statements, however, may not necessarily impede on the expansion of the digital currency and this niche in the iGaming sector.
Playing with bitcoins simply provides a revolutionary landscape for online bettors to experience entertainment and gambling on the web minus the restrictive policies set by certain countries, organizations, and websites.
The effects are significant, so much that talks that brand Bitcoin as threats will less likely discourage bettors from wagering BTC on Bitcoin casino games instead of real- money. After all, there are no Bitcoin regulations prohibiting the use of the cryptocurrency in these countries to date, enabling players to access the best Bitcoin casinos in UK.