Australian legislations increase the demand for bitcoins

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Currently, the hottest topic around the bitcoin is its exchange rate, which has been growing to the new highs over the course of the last few weeks, yet there are many other events happening around BTCs, and we should not let them stay unseen. While most of the European regulators have started looking into opening up the market towards the foreign casinos and bitcoin casinos by letting them obtain a local license, we also see some setbacks happening in different continents. The most recent news came out from Australia. The IGA Amendment Bill 2016 currently receives its final touches and should come into power very shortly. But wait, what does it have to do with bitcoins?

The legislation claims to target both regulated and unregulated offshore gambling companies. And, considering how large the Australian gambling market is, the bookies will not leave it so easily. It means that online gambling and betting operators will be looking into a new form of accepting the payments, as credit card processors are likely to block the deposits into offshore gambling companies, and bitcoin seems to be the most likely alternative. Following the legislation of bitcoin casinos in the UK, such news came by surprise from Australia.

Having said this, bitcoin casinos seem to be already offering a better value for money for most of the European players, and now it seems like these operators will get a massive share of Australian market. Hence, we should expect a higher demand for cryptocurrencies coming from this continent. Nevertheless, the current exchange rate of AUD/BTC does not seem to be very friendly for the newcomers. This way, one may argue that the demand from the Australian gamblers will not be substantial, as long as the BTC stays at the current rate or keeps on growing.

As a cherry on top, the Australian government plans to remove the double taxation rule from the cryptocurrencies. This will make day trading of bitcoins, using BTCs for transactions or simply gambling at bitcoin casinos more favourable for the Aussie residents. This legislation will certainly result in an increased activity around the bitcoin.

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