According to the 2021 Q1 corporate report by SoftSwiss Game Aggregator, payments via cryptocurrencies account for about 26% of global online gambling turnover in March. At this time last year, digital coins only accounted for barely 6 percent of betting payments globally. These digital coins have quadrupled their worth in the betting industry at the expense of the regular currencies which went down from 94% to 74%.
The raise in cryptocurrency payments can be traced to increasing online gambling activity in Asia. Countries like India, Japan, and Indonesia are top players when it comes to the positive momentum behind cryptocurrency betting.
India, for example, is a trendsetter in the rise of usage of Ethereum. During the early months of 2021, Ethereum became the most popular coin used in the country. Nevertheless, bitcoins remains the top digital coin used globally, preserving an overwhelming market share of 83% (a slight reduction from 90% a year ago). Others like Dogecoin and Bitcoin Cash rose to 1.5% from 1% around late 2020.
Online casinos are fast embracing cryptocurrencies
One of the ways casino sites try to beat each other in the competition is offering fast payments to their players. Due to the speed of blockchain technology, cryptocurrencies are being widely accepted by online casinos.
Apart from the speed, it also helps to offer anonymity to online casino users who prefer to keep their financial details hidden from websites. They can make payments and withdraw without having to drop sensitive information like card numbers or banking data.
Therefore, you can play Andar Bahar online games and other popular casino games with cryptocurrencies.
Crypto still waxing strong despite India’s regulatory concerns.
There have been inconsistencies surrounding the regulatory stand of the country concerning cryptocurrency. Back in 2018, there was a notification issued by the Reserve Bank of India, banning all transactions by financial institutions in crypto. The prominent crypto firms like Koinex, Zebpay and Kali Digital were among the many to take the hit. Fast forward to 2020, the Supreme Court had ruled out the initial ban. Further backing up its decision by putting up the RBI to prove damages caused by digital currency, of which they failed.
However, some financial institutions such as ICICI, HDFC and Axis Bank are still adamant about working with crypto. It is believed that the RBI has them operating under their earlier stance on the matter.
Earlier in 2021, the Indian Government announced that a bill to regulated digital currencies will be presented before Parliament. The bill will be aimed to regulate the system and also launch an official coin which will be controlled by the RBI. This will mean privately-issued digital coins will be banned in the Union.
As a whole, the force of digital currency is one to be reckoned with. Its burning importance and increased ubiquity is one that the Indian government can only stifle but not quench. The entire online gaming sphere is already in deep with cryptocurrency all over its transaction system.