As all forms of gambling, with lottery as an exemption, deemed illegal, many ask if blockchain gambling will ever be recognized to be legit in China.
Gambling in China is deeply frowned upon by the government and it has been outlawed since 1942 when the Communist Party took over. Any form of gambling (online or land-based) is prohibited, so Chinese citizens usually travel to legal gambling countries or special regions of Macau (gambling got legalized in 1850s) and Hong Kong (gambling is extremely regulated).
Facts about Gambling in China
- Online gambling is done through offshore proxy betting many people are using VPN to go and play crypto games or sports betting. It is good to mention that just opening a casino tailored for Chinese citizens is illegal, as well.
- Lotteries in China are a tool that is not considered a form of gambling, so people usually participate in them. It is estimated that problems with gambling are more widely spread within the country than in countries with legal gambling.
- In 2018 restrictions on online poker apps and promotion of poker within social medias became a real thing in China.
Even though China has placed a lot of strain on gambling, blockchain gambling through decentralized casinos becomes another aspect that the country has to face.
The government came up with a firewall which is basically a program that regulates any gambling-related content within homes. In a way China is slowly getting a grip of all advantages that the Blockchain technology provides.
A Blockchain casino works without central servers so it is nearly impossible for it get closed. With the given autonomy that Blockchain has, all Chinese residents can play in online casinos without their personal info being shown. Good news is a lot of gambling platforms started investing in Blockchain and pay closer attention to cryptocurrencies as a form of payment.
When it comes to cryptocurrencies, they have become quite popular in China for one reason: people prefer such digital currencies to their one with its history of being quite unstable.
This of course is not in favor of the government, so they intend to shut down any Blockchain markets that might pop up.
Blockdraw CEO Darin Oliver commented:
“The idea that they can block crypto is nonsense. These countries already have problems with their currencies – every country in Eastern Europe struggles to have faith in their currency and the same rings true of the Chinese.”
There was a light in the tunnel back when China decided to launch its own cryptocurrency. Such a currency is going to be monitored by the government for preventing criminal activity, but at least it will be a step towards crypto globalization. Other countries that have been exploring cryptocurrencies are Switzerland, Singapore, and Canada. Experts think that China is one country that might succeed with bringing up a native digital currency.
Like most countries during the coronavirus pandemic, China advises residents to use digital payments, so one crypto currency at this time can be a problem solver. Who knows? Sooner or later cash can become a distant memory.
A native digital currency can help when it comes to online casinos (as China government thinks) but in reality, it’s a lost battle to fight them.
Angie Harper from Flashcasino states:
“Many people in China already get around the Great Firewall to play their favorite casino games and this pastime will only become more widespread. With millions more people in China set to get online for the first time in the near future, online gambling is likely to grow fast in the country despite the government’s best efforts.”
It is high time for the government in China to take a step back and look at this problem from a bigger scale. Going decentralized, whether it means creating a new currency or implementing blockchain into platforms, is where the future lies. This is true especially when an inevitable migration of Blockchain and 5G promises significant benefits to the crypto and blockchain gaming landscape.
Meanwhile, blockchain, 5G, and eco energy will take the spotlight in the upcoming grand master plan of international rapper Akon for his futuristic Akon City.
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