Innovation has always been an inseparable part of success. A decade ago, talks about trading or even shopping with cryptocurrencies sounded like a thing from the distant future. Yet, the popularity of the decentralized type of currency continues to grow year after year. Now, a recent report reveals that more Las Vegas visitors are interested in exchanging cash into cryptocurrencies.
Do Cryptocurrencies Have a Place in Las Vegas?
The digital decentralized currencies, also referred to as cryptocurrencies, are not regulated by a bank, government or a centralized authority. Instead, cryptocurrencies use a blockchain, which is a public ledger that exists across multiple networks. The blockchain helps eliminate fraudulent activities by recording every transaction.
But what can users do with cryptocurrencies? Online gaming websites have accepted cryptocurrencies for years. However, the modern-day payment method has also found its way into retail locations. Currently, there aren’t many gaming operators in Las Vegas that are supporting the use of cryptocurrencies for non-gaming activities.
Resorts World Las Vegas (RWLV) was the pioneer in the gambling capital of the world that embraced the use of digital currency. Built on the Strip in Las Vegas, the $4.3 billion resort forged a partnership with the crypto exchange Gemini last year. As a result, the venue offered to “enhance the integrated resort experience” for its visitors that gained the ability to use their Gemini wallets.
More People Exchange Cash into Crypto
While the popularity of crypto continues to grow, the decentralized nature of the currency creates difficulties when it comes to know your customer (KYC) and source of funds (SOF) checks. In a recent interview for The Nevada Independent, Jim Barbie, chief of the Nevada Gaming Control Board’s technology division said that currently, cryptocurrency cannot be used directly for gaming activities.
He explained that KYC requirements are necessary when it comes to such transactions. Barbie added that if a licensee or an organization would like to use cryptocurrency to conduct gaming activity, they would need to contact the regulator and show how the necessary KYC regulations can apply.
“The board’s current policy is, we don’t use cryptocurrency directly to conduct gaming activity.”Jim Barbie, chief of the technology division at the Nevada Gaming Control Board
So far it looks like more time would need to pass before gamblers are being able to use crypto to gamble. However, according to Derek Stevens, a Downtown casino owner, people have been using crypto for “frequent small transactions.” Having cryptocurrency exchange kiosks, he pointed out that many people are interested in exchanging cash into cryptocurrency. While Stevens expected that it would be the other way around, he has seen that his machines “routinely have more deposits than they have withdrawals.”
With that in mind, there is no harm in using such kiosks for the opposite process as well. Gamblers that have cryptocurrency can exchange it into US dollars via such kiosks and then fund their online wallet. From that point on, they can use their wallet even to gamble.