You will be allowed to wager your dangerous crypto assets on the nags and more if the NT Racing Commission complies.
Are trading and investing in cryptocurrencies just too dangerous for you? You are supported by the NT Racing Commission (NTRC). Well, that could work. It is presently discussing the introduction of cryptocurrency payment alternatives with casino license holders.
Then, quite soon, you may be able to purchase some SHIB for yourself before essentially betting it all on Northern Nugget, Wheelchair Lad, and Feelingalittlehorse for a trifecta. Sounds like an idea, and it could be safer than trading with 100x leverage. (Ed: Never take financial advice. Always exercise caution and play within your means. The horses mentioned might not be real.)
An organization called the NTRC regulates sports betting and is in charge of issuing licenses to “interactive and land-based” bookmakers not only in the Northern Territory but also elsewhere in the country. The adoption of crypto assets as a workable payment mechanism in the gaming business has reportedly been requested for public comment.
In fact, the important gaming regulator has reportedly had this suggestion on the table for at least four months, according to a report from NT News.
“Bearing in mind recent volatility”
It seems to be a significant shift for the NTRC, which in 2018 urged the sector to avoid integrating cryptocurrency as a payment option. The regulator could have had some kind of crypto-related enlightenment since then, or it might just recognize the encrypted symbols on the wall.
However, according to Gambling News, the Commission is still taking a cautious approach to the adoption of cryptocurrencies as a whole, recognizing the volatility of the asset class and the necessity for customer protection.
According to a statement from the NTRC, “The Commission is also conscious of recent volatility in the value of cryptocurrencies, and the need to ensure that risks are effectively recognized and handled.”
The NTRC anticipates receiving all industry comments on the subject by September 29. The next step is to create rules that will serve as a manual for using cryptocurrency to settle payments initially and maybe even place bets later on.
In related news, the Australian Treasury this week revealed intentions to begin a “token mapping” audit of the nation’s cryptocurrency industry. The audit’s goal is to identify and classify the many kinds of digital assets that Australians may access, with a focus on consumer safety.
“We need to ensure that clients dealing with crypto are fully educated and safeguarded,” said Treasurer Jim Chalmers. “With the growing broad proliferation of crypto assets, to the degree that crypto marketing can be seen splashed all over key sports events,”