The Lithuanian-facing online gambling outfit, TonyBet, has expanded their payment processing options to include Bitcoin and Tony G, and the gang have seen the numbers of sign-ups develop an immediate bump.
Member of European Parliament (MEP), Tony G, is putting his money where his mouth is when it comes to the subject of virtual currency.
Speaking at the Internal Market and Consumer Protection (IMCO) Committee Meeting at the European Parliament in spring, Tony G urged his fellow politicians to purchase Bitcoins, so they could learn to understand them, before creating laws that govern their use.
G told the less than packed house that virtual currencies are the ‘perfect example of innovation,’ and that the use of them was a ‘huge leap forward’, and a ‘huge opportunity’ for the world.
To back up his claims, Tony G, and his online gambling business TonyBet, have opened up his payment processing avenues to Bitcoin. Tonybet has partnered with the UK & Lithuanian based SpectroCoin e-wallet allowing his customers to move Bitcoins on and off the online gambling site. Once on the site, TonyBet will turn Bitcoin into a common currency, to be used when playing. SpectroCoin handles virtual currency in over 25 countries across Europe and Central Asia.
Speaking on behalf of Tony G, TonyBet spokesperson Warren Lush, said the decision to allow Bitcoin as a payment option on the site has led to an immediate increase in new players.
“With the introduction of Bitcoin deposits, we saw a dramatic increase in recreational punters and poker players especially from the Asian countries who have been struggling to transfer their funds before.” Said Lush.
A Quartet of Big Banks to Create a New Virtual Currency
Bitcoin.com has broken the news that four of the world’s biggest banks are planning to join forces and create a brand new virtual currency.
Santander, Deutsche Bank, UBS, and BNY Mellon are currently doing the legwork on a new currency carrying the working title of ‘utility settlement coin’. Broker ICAP is also joining the group with the intention of swaying central banks to start using the new currency as early as 2018.
Although it’s not the first time a bank has created a new digital currency, it is the first to have such a powerful backing. Citigroup is developing ‘citicoin’ and Goldman Sachs is working on ‘SetLcoin.’
It’s believed that the banking system could save up to $20 billion a year by developing virtual settlement currency. The ‘utility settlement coin’ won’t affect the gambling industry. However, it’s a sign of the evolution of cash as we know it.
As part of that development, the UK Gambling Commission (UKGC) recently amended their ‘License Conditions and Codes of Practice’ to include digital currencies into their list of ‘cash equivalents’ that are allowed on gambling sites licensed in the UK.