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The Financial Implications of Bitcoin Casinos in Japan

Currencies / Gambling Nov 22, 2019 - 08:59 PM GMT

By: Dylan_Moran

Currencies In 2018, Forbes magazine announced that Japan’s next economic boom would be fueled by bitcoin and cryptocurrencies. The country has suffered from decades of economic malaise, but the speculative demand for cryptocurrencies is in particularly high demand in Japan, both in industry and amongst ordinary people hoping to turn a profit and play the market. For this reason, bitcoin has also infiltrated the Japanese leisure market, with Bitcoin casinos more popular here than anywhere else in the world. Sounds like a lot of fun, but what exactly are the financial implications of these Bitcoin casinos? Here’s a high-level summary of everything you need to know:

Understanding the Popularity of Bitcoin Casinos

People in Japan are far further ahead than the rest of the world when it comes to blockchain and cryptocurrencies, but that also have very strict laws surrounding gambling both online and off line. Online gambling is heavily regulated in Japan, but despite this it is very trendy and popular, particularly amongst young people.

The Chapter 23 of Japanese Penal Code states that online gaming is completely prohibited with some exceptions. The government offers state-sanctioned gambling in the form of lotteries and betting on soccer matches and other public sporting events. What's more, with the approaching Olympics in the country, Prime Minister Shinzo Abe has begun to introduce small steps in pro-casino legislation within the country as part of his overall growth strategy. Crypto assets are also now regulated and protected in Japan, thanks to the new cryptocurrency bill which was passed by Japans House of Representatives. However, Japan has not been so welcoming of crypto gambling so far.

As a result, bitcoin casinos that offer anonymous gambling options are extremely popular in Japan right now, because they allow gambling enthusiasts to bet from the comfort of their own homes without risk of penalisation. The anonymous nature of bitcoin transactions is what makes bitcoin gambling so appealing.

The Benefits of Choosing a Japanese Bitcoin Casino

Finally, if you’re thinking of using a bitcoin casino in Japan then it’s likely that you’re wondering what the benefits of choosing a bitcoin casino over a conventional online casino are. At these point, there are three main advantages for you to consider:

  • Players within online bitcoin casinos can access to good odds (the odds are generally considered to be fairer than conventional casinos) and can enjoy playing with near anonymity
  • Bitcoin transactions within online bitcoin casinos are processed directly, and they don’t rely on a third party. That means that you don’t need to link your debit or credit card, or use any conventional payment method to play. It also means that if you win then you can withdraw your winnings quickly
  • Thirdly and finally, since the bitcoin has not been recognized as real money in many regions, it is not subjected to taxation yet. The anonymous nature of the currency means that even if it is subject to taxation within your region, seeking this will be incredibly difficult. Using bitcoins for deposit and withdrawals also incurs no transaction fees.

By Dylan M.

© 2018 Copyright Dylan M. - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

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