South American nations are becoming more receptive to cryptocurrencies, with some attempting to legalize Bitcoin. The continent may be leapfrogging everyone else in cryptocurrency adoption as a result of its leaders’ acceptance.
The continent may be leapfrogging everyone else in cryptocurrency adoption as a result of its leaders’ acceptance.
El Salvador and Paraguay are grabbing attention in the world of Bitcoin
Cryptocurrencies have gained widespread adoption in almost every country on Earth. No country, however, has elevated Bitcoin’s status to that of legal tender. El Salvador aims to be the very first country to legalize Bitcoin as a form of payment.
El Salvador’s president, Nayib Bukele, has recently introduced a bill that would make Bitcoin legal tender in the country. The bill must be approved by parliament, but there is optimism that it will pass.
El Salvador’s official currency is currently the US Dollar, but the country is considering adding Bitcoin to the list. The president stated that Bitcoin would not replace the US Dollar, but the country requires a currency that is not subject to constant inflation.
Recently, Paraguay’s Deputy of the Nation revealed that the country is about to make a significant statement concerning PayPal and Bitcoin. Rejala Helman, a politician in the country, changed his profile picture to include laser eyes, indicating that Paraguay will make a significant Bitcoin statement later this week. Laser eyes indicate a strong supporter of Cryptocurrencies such as bitcoin.
Panama is poised to follow El Salvador’s lead
A whole other South American country is considering following El Salvador’s lead in this area. Gabriel Silva, a Panamanian congressman, is preparing to introduce legislation that would mandate the country’s national adoption of Bitcoin and other digital currencies.
Silva stated that it is critical for Panama not to be left behind with the new economy. He wants Panama to be a hub for technology and entrepreneurship and believes that supporting cryptocurrencies will help make that happen.
Will Paraguay Be the Next Country to Adopt Cryptocurrency?
Meanwhile, Paraguay is positioning itself to become South America’s crypto capital. Congressman Carlos Rejala is making a push with a bill that will encourage cryptocurrency businesses and mining operations to locate in the country. If the first bill is passed, he intends to introduce a second bill making it legal to use bitcoin and other digital currencies as legal tender in the country.
Rejala understands that in order to keep pace with the rest of South America’s emerging economies, Paraguay must position itself at the forefront of the crypto revolution. He recognizes that this is a watershed moment in history and that, as a representative of the younger generation, he must actively support the adoption of blockchain technology.
Who Will Be the Next to Adopt Bitcoin?
South America is unquestionably ahead of the rest of the world in terms of country-wide legalized adoption of bitcoin, cryptos, and blockchain technology. Eventually, it appears as though every nation in South America will legalize some form of cryptocurrency. Not to forget that Wyoming now allows legal crypto betting.
What this could mean for the Online Gambling world?
iGaming and cryptocurrency are beginning to go hand-in-hand. The time-honoured activity of iGaming is carried out in the modern era through sports betting, online casino gambling, and other skill-based games such as poker or blackjack.
According to data, the United States has nearly 400 registered casino hotels worth an estimated $54.8 billion this year. In 2019, the 465 registered non-hotel casinos reported gross gaming revenue of slightly more than $43 billion. There is interest, according to one online casino operator.
In 2009, the United States generated $34.3 billion in total gross gaming revenue, meaning that interest and cash flow nearly tripled in a ten-year period.
Numerous factors could be attributed to the iGaming industry’s growth. As a result of technological advancement, games are constantly evolving and improving. All betting services are enhanced visually and audibly, which naturally attracts more customers.
iGaming is a constantly evolving industry, and the online gaming sector is leading the way. The inclusion of cryptocurrency by South American countries has the potential to increase the number of gamblers significantly. Today, the online gambling world is seeing more casinos embrace the use of cryptocurrencies. In fact, asides from bitcoin casinos, only the best ETH bookmarkers in 2021 record an increase in registration of crypto enthusiasts who love to gamble
A likely complete overhaul of the system via Blockchain
We are knowledgeable that blockchain technology eliminates the need for a central authority to facilitate online betting. Rather than that, Blockchain enables the recording, storage, and processing of all wagers across a network of computers. It will create an unalterable transparent record. This record is auditable and verifiable by all parties to the transaction.
The effects of this technology are enormous, as it would instill a new level of trust and accountability into how gambling is conducted and how customer complaints are addressed. Many believe that Blockchain technology could be the primary factor in ensuring that online casino gambling is legal in all 50 states.
Cryptocurrencies, especially Bitcoin, are also likely to become a valid payment method for betting in South America if Blockchain technology is implemented. This would open up numerous opportunities for collaboration and expansion of the iGaming industry’s reach.
Is It Worth Betting On the Future?
The iGaming industry is an enticing niche that is expected to evolve. Business opportunities abound in the aftermath of these changes, as US citizens anticipate the availability of more transparent and secure betting.
Given the industry’s size, innovation, and vitality, it is certain to become more broadly legal in the United States. This is not an issue of if, but of when: maybe the key to legal and secure online casino gambling lies in emerging technologies such as Blockchain.
While many American citizens enjoy online casino games, others are unable to participate due to current legislation. Regardless, the iGaming industry’s future appears to be bright as gambling laws are relaxed. Online casinos are expected to gradually follow the lead of sportsbooks, as the dollar signs are simply too alluring for legislators to ignore.