Joe Biden’s administration has recently announced that they will look to create a national policy for the use of cryptocurrency in the United States of America; a move that has been greeted with positive reaction by the gaming industry.
The President had signed the executive order last week, in which it would task multiple agencies with examining all of the risks and benefits that are posed by utilizing digital assets, with the Treasury Department and the Commerce Department two of the agencies involved in the process.
Indeed, the gaming industry is traditionally rather quiet when it comes down to matters that have been made at the federal level, however they have actually opted to be rather vocal about this move and appear to have put their full support behind the plans.
Writing in an email, the CEO of the American Gaming Association (AGA), Bill Miller stated: “We welcome President Biden’s directive for the administration, and in particular Commerce and Treasury, to review the current state of cryptocurrency and develop guidance for businesses. The casino gaming industry continues to innovate to meet customers’ expectations but must do so with certainty and clear guidance on regulatory obligations.”
AGA has been spending recent efforts on modern payment options
The AGA has recently placed a lot of its focus and recent efforts on providing gamers with the opportunity to use modern payment options within online casinos. The trade organization based out of Washington D.C. has continued to introduce the growing use of mobile wallets and cashless gaming technology.
However, following the relationship between them and the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) that has since been brokered recently, it seems crypto could become an accepted payment in the near future.
Of course, there has been a significant rise in the number of crypto casinos online that are being offered to punters, and it seems there is a general acceptance that Bitcoin, Ethereum, and Dogecoin can all be used as digital payment methods in the near future.
Those that work within the gaming industry have mentioned that they believe this is something that was always going to happen, with it being a matter of when rather than if, whilst a number of Las Vegas casinos are already offering punters the opportunity to do so via the use of cryptocurrency exchange kiosks.
Executive order told to look at the impact of cryptocurrency on a wider scale
The executive order that has been signed under Biden has directed the agencies to assess and study the impact of cryptocurrency on financial stability and national stability, whilst the department is also being asked to produce reports that will help to highlight the future of money and payment systems and the role digital currency will play.
Casinos in Nevada do not currently have regulations in place that govern the use of cryptocurrency on casino floors, whilst current policies do not permit digital methods to be directly used to conduct gaming activity.
However, this is something that is thought will be evaluated by the board, with it suggested that any crypto-related proposals will be evaluated on merit by the gaming companies that bring them forward.
The news has been positively received
Naturally, there have been a number of gaming industry companies and governing bodies in the sector that have greeted the news positively, with many suggesting that it is a positive move and can have a number of benefits for the economy in the future.
“The President’s announced whole-government approach to regulating cryptocurrency and his discussion of a digital form of U.S. currency are positive signs,” Control Board Chairman Brin Gibson said. “We will enact the necessary controls to satisfy state gaming tax collection provisions and the Bank Secrecy Act (rules) as the specific requests require.”
Furthermore, the news of the executive order will also encourage the Federal Reserve to study and research the possibility of developing a U.S. central bank digital currency in the future, with it being suggested that policy recommendations could be made in the next six months.
National Security Advisor Jake Sullivan and Brian Deese, Biden’s top economic adviser, revealed: “That will help position the U.S. to keep playing a leading role in the innovation and governance of the digital assets ecosystem at home and abroad, in a way that protects consumers, is consistent with our democratic values and advances U.S. global competitiveness.”