Will China’s Blockchain Market Explode Soon?
China will enormously grow in terms of online users and these means there will be an increase in the iGaming market too in the near future. Online gambling market has marked its huge potential in these where blockchains have played an important role. However, the main obstruct for the growth of Blockchain in China is that online gambling is strictly prohibited in the country. Practice rules have been modified in nations such as the United States in the past two years. The government owned National Lottery is the only form of gambling which is allowed in the nation.
Darin Oliver, the CEO of blockchain online casino Blockdraw does not believe that such prohibitions are going to stop people from gambling online. When you have such different possibilities for the financial industry to occur and you have development happening in other markets, it represents an enormous opportunity, especially on crypto currency online gambling. In the next five years, there might be 120 million new Internet users in China, so what Oliver mentioned as a development opportunity is utterly immense. Gambling firms, particularly those that have opened doors to cryptocurrency markets, are ready to take best advantage as a result.
During the end of 2019, the media has reported that China wishes to become the first country who has its own cryptocurrency. China’s president Xi Jinping mentions that we should be concerned about the opportunities of blockchain with the creation of Digital Yuan currency to achieve this goal. When China launched their own digital currency by the China Central Banks it might not be the common cryptocurrency form. It can be incognito, but the China government will surely monitor it straightly to prevent any criminal activities.
Despite China governments straightly prohibited online gambling, gamblers manage to go around the authority by using VPN. Insiders believe that the situation will continue even though Chinese government has always worked hard to prevent it. In fact, the online gambling market may increase in China as there a lot of online gambling brands have accepted payment in cryptocurrency. For example, bitcoin is used for deposit and withdrawal. This also means the future of China’s online gambling market but with the new digital currency invented by China governments, it may change the entire blockchain situation in the nation.
