Bitcoin is now legal tender in El Salvador. A boon for crypto gamers and a significant boost for online gambling platforms and the sphere in general. The small central American country made history by following through on President Nayib Bukele’s proposal of “opening up the country” and legalizing Bitcoin.
El Salvador Takes the Cure From other Crypto Supportive Nations
As expected, the decision was a political rambler. Not many nations approved of El Salvador’s decision.
By turning blind on criticism and accepting to chart a new, odd, but promising path, the country places itself in a great position to receive crypto investment and be a crypto native country.
Historically, El Salvador has been a monetary policy libertine of some sort.
This financial policy freedom and choice began almost 20 years ago when its central bank approved the USD as a legal tender.
In 2021, the country is opening up and warmly accepting Bitcoin and willing to support its infrastructure.
According to the president, once the policy received the nod, said crypto and Bitcoin miners could use the country’s geothermal resources to mine Bitcoin without leaving any carbon footprint.
Bitcoin mining using “volcanoes” went viral as the world saw the possibilities in crypto and how BTC has morphed to be a global force.
Bitcoin Legal in El Salvador—A Remittance Miracle
Following the ravages of the coronavirus pandemic and the global slowdown, El Salvador is not economically sound at present—much like the rest of the world that is still grappling with the effects of contagion and the virus itself.
President Bukele turning to Bitcoin to reduce remittance costs is novel and welcomed.
For long, Bitcoin has positioned—and continues to position itself at the forefront, attractive due to the network’s ability to transmit funds cheaply and instantaneously.
Unlike legacy remittance providers, Bitcoin requires no paperwork and auditing.
Being a self-calibrating, purely digital, and global network translates to more financial inclusion, catalyzing economic development without, most importantly, blowing privacy-preservation aside, allowing for blatant intrusion.
By default, BTC and cryptocurrencies integrate identity-obfuscating techniques to protect the interest of the users.
It bodes well, syncing with crypto businesses’ primary objectives, especially online casinos whose clients may want to mask their identity and play with freedom.
It also fits the country. The majority of El Salvadorans are below the poverty line, with over 70 percent lacking a bank account.
This staggering statistic pointing to the dire need for change could, in some eyes, be unexpected, considering El Salvador is highly reliant on remittance.
Statistics from 2019 reveals that the country drew $27 billion from remittance, roughly 25 percent of the country’s GDP.
Bitcoin As Legal Tender is Massive for Online Crypto Gambling Platforms and Players
Bitcoin is indeed an equalizer and may soon shape how its users interact with the network and other platforms like online crypto gambling and interactive games like Bitcoin Crash Game, for instance.
Notably, reading from President Nayib Bukele’s declaration is the innumerable advantages presented by using BTC in El Salvador.
As money, users can quickly pay for goods and services using the coin. In addition, the diaspora can remit funds utilizing the network and, better yet, pay using BTC without attracting any form of taxation—being money.
This is perfectly suitable for online casinos supporting BTC and other cryptocurrencies in the country. Crypto gambling and interaction with its games is full of activity.
Some players worry that using cryptocurrencies to place a wager on games would be costly.
Not anymore; from El Salvador, BTC being legal tender means comfortable and confident gambling without regulatory and monetary obligations. Previous unnecessary impediments only froze participation.
The thawing resulting from BTC’s greenlight only serves to open up more revenue sources for the country in dire need to shake off the clutches of the coronavirus pandemic.
If anything, the added latitude is the exact boon that would also trigger more participation and exploration from El Salvadorans.
A growing number, following this liberalization of Bitcoin, experiment on the possibilities of online crypto gambling.
Since online gaming platforms, like BC Game, for instance, is intuitive, easy to use, and pack a number of some of the best crypto games, players will be spoilt for choice with a chance to line up their pockets.
El Salvador Admits Bitcoin—and online casinos—is Here to Stay.
Over and above everything, El Salvador is reading to the world that cryptocurrencies and, specifically, Bitcoin are here to stay.
The network’s transparency and global reach are perfectly suitable as an agent of sparking change and innovation, feeding its economy.
Tax relief and the regulatory support BTC has in El Salvador means the coin, after all, isn’t an agent of illegalities.
Furthermore, in the wake of this new realization, countries, instead of opposing an unstoppable wave of financial change, should create suitable rails to catch this wind on its tailwind, lifting them towards prosperity.
Online gambling is projected to draw billions in revenue in the next few years.
The good news is that the space is receptive to change, tapping on developments like these in El Salvador to grow both in tenure and strength.
Bitcoin as legal tender in El Salvador opens up more investment in the country, highlighting how, despite needless fear and propaganda from legacy operators, it means the best for the world.
From crypto investments and even more exploration of exciting online crypto gambling platforms like BC.Game—which also operates a Bitcoin Lightning Network (SATS), making playing cheaper and faster–, El Salvador directly benefits, expanding its economy and bringing prosperity to its people.