Cryptocurrencies are slowly revolutionizing how people do business in several places around the world. Even so, the concept of decentralized digital currencies has been subjected to nearly equal measures of resistance and acceptance with some governments and industries actively rallying behind cryptocurrencies and some others outrightly bashing it.
One of the industries that have embraced cryptocurrencies is the casino industry. The Nevada casino industry, for instance, is championing for the use of cryptocurrencies as a mode of payment. This, however, does not come as much of a surprise as the Nevada casino industry has always been known for being at the helm of experimental ventures as well as testing out new innovations. Thanks to this strategy, the Nevada casino industry stands out globally as a trendsetter for global gaming.
Despite their approach towards newer and experimental ventures, the Nevada casino industry has been rather slow in embracing cryptocurrencies, especially bitcoin which is by far the world’s most valuable cryptocurrency. This is partly due to the lack of regulations by the Nevada Department of Taxation and the Nevada Gaming Control Board to govern the use of cryptocurrencies even though it has been ten years since bitcoin, the first cryptocurrency, came into being.
A few regulators have expressed concerns over the use of bitcoin for illegal practices such as money laundering but no legal representative has actually talked about the incorporation of bitcoin into the state’s casinos. This is unlike the case in the global gambling scene where operators have been quick to embrace bitcoin especially because it allows high rollers to access their money from offshore gaming sites, by circumventing the limits imposed on the movement of money. This presents a risk of money laundering at Nevada casinos hence the hesitation.
A number of bitcoin users have, however, refuted this claim while pointing out that federal regulations and technology are the key components of anti-money laundering efforts. This has paid off as now some casinos in Nevada have finally decided to embrace bitcoin despite the lack of official support.
D Las Vegas, a Nevada casino owned by Derek Stevens, is the first casino in the state to allow bitcoin to be used as a mode of payment. Currently, hotel stays and related hotel expenses can be paid using bitcoin. Gambling, on the hand, will still require cash – fortunately, the casino has a bitcoin ATM that gamblers can use to convert their bitcoin into dollars.s