Australian government stops online betting with crypto

Days before betting agencies started accepting cryptocurrencies Australian government sends out cease and desist notice
08 February 2018   147

Days before Australian betting agencies were to start accepting Bitcoin and several other coins Australian gambling regulator – Northern Territory Racing Commission (NTRC) – sent out a notice to stop any such notions underway.

Neds, a gambling site posted on February 1 that they were ready to accept bets in crypto, because it was very fitting of them to do so as they consider themselves “tech guys”. The website was ready to start such service and, as the representative said, to become first in the business to accept crypto for online betting.

And nothing came out of it because just days after the announcement, NTRC sent out an email to all registered betting and gambling agencies to not accept cryptocurrencies in any way or form.

As of now informal, notice in the email reads:

“…. all sports bookmakers and betting exchange operators licensed in the NT if currently transacting in cryptocurrency (for example Bitcoin, Ethereum and the like) for their wagering operations to immediately cease and desist.”

Right now Neds took down all the links for cryptobetting portion of their site, as far as redirecting people to the regular homepage.

The public opinion is mixed. Crypto enthusiasts are unhappy, some wanted a chance to further their gains by trying their luck in gambling. But, as usual, there is opposing camp, who are quite happy with Australian government for placing such restrictions, so there wouldn't be unnecessary temptations and risks involved in betting.

2k Confiscated BTC Created Issue for Finland Authorities

Authorities of Finland had faced bureaucratic problems while trying to handle seized crypto coins
20 February 2018   6

Finland is trying to solve confiscated Bitcoin storing issue. This is reported by Bloomberg.

The crux of the problem is that authorities handling the coins won’t be able to store them on virtual currency exchanges due to bureaucratic problems. They have to store them offline. This is said in the documents, seen by the Bloomberg.

Most of the coins have been confiscated in raids conducted since 2016. There is no info how the coins were stored until now.

The official guidelines states that Finland authorities can’t treat Bitcoin or its crypto competitors like a currency. It’s an asset that, as a rule, can’t be used or accepted as a means of payment or as an investment, according to the Treasury document.

Cryptocurrencies seized by the Finnish state can be converted into euros after a court ruling on their appropriation has become binding. The sales should primarily take place via public auctions rather than commercial exchanges, which can be untrustworthy and opaque, the Treasury said.

Finnish state can convert seized crypto to euros only after a court ruling on their appropriation has become binding. The sales should primarily take place via public auctions rather than commercial exchanges the Treasury said.