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Virtual Currency Options Expand in U.K.

Published: 
2016-10-03 00:00:00

The U.K. Gambling Commission has recently announced that it will allow online gambling companies to accept virtual currencies, such as Bitcoin, as payment. This new change is set to begin on October 31, 2016. The Commission has included a publication which outlines policies and practices to prevent the use of virtual currencies for money laundering.

Online gambling operator TonyBet which was founded by professional poker player, businessman and polition Tony Guoga, has partnered with SpectroCoin e-wallet to begin offering Bitcoin financial services.

A spokesperson for TonyBet, Warren Lush, commented “We’re always keeping up with the latest digital innovations in order to adapt them to our online gaming platform. With the introduction of Bitcoin deposits we saw a dramatic increase in recreational punters and poker players, especially from the Asian countries who have been struggling to transfer their funds before."

“Another advantage of using Bitcoin for online gaming is that users can also speculate the exchange rates and earn extra. The fast and easy deposit and withdrawal process makes this an even more attractive feature."