Online casino operator BitStarz shares its outlook on virtual currencies in Europe.
The bitcoin industry continues to grow across the world as more countries take notice of the digital currency’s benefits. BitStarz believes that in 10 years, bitcoin will be an integral part of the European financial system.
Bitcoin and other virtual currencies can now be exchanged tax free, just like fiat currencies, according to a ruling by the EU Court of Justice in October. Meaning, cryptocurrency transactions in 28 countries of the European Union are exempted from value-added tax (VAT) or sales taxes.
While cryptocurrency is still far from becoming a mainstream payment method in Europe as it needs to go through the comprehensive regulatory framework, the process is already initiated, making Europe as a part of the digital payment revolution and at the forefront of the cryptocurrencies innovation.
“The future of Bitcoin in Europe is certainly bright as the court effectively recognized bitcoin as a legitimate means of payment in Europe, putting it in the same realm as other currencies for tax purposes,” Sasha Jade, marketing manager of BitStarz told CalvinAyre.com. “There is no doubt that in 10 years, Bitcoin will be an integral part of the European financial system.”
Knowledge is the key
Aside from strengthening existing markets and increasing its exposure to other jurisdictions, BitStarz aims to educate more players about cryptocurrencies.
“[As] much as we love Bitcoin, we believe that it will take some time for the general public to fully take advantage of the benefits of this currency and we are working extremely hard to inform casino enthusiast about the concept of hybrid casino,” said Jade.
The company focuses on fast payment services with an average cash out time of 10 mins, as well as security by providing the highest level of encryption.
“We use state of the art security systems which allow us to process payments faster than any other casino. In addition to this, all games provided by our game content providers are regularly checked to make sure that the games are fair and safe to play,” added Jade.
According to Jade, Bitstarz is the first to introduce the concept of adding bitcoin as a payment method in addition to major international currencies, as it looks to maximize the possibilities for its players and potential players in terms of payment options.