China is the most populous country on earth with a population of about 1.4 billion people.
The Chinese gambling market has experienced a vast amount of strict prohibition over the years. With the introduction of blockchain gambling, the gambling market in China will experience growth irrespective of efforts by the Chinese government to stop it.
Chinese laws prohibit gambling in China. However, they can participate in the state-run lottery schemes called the China Sports Lottery and the China Welfare Lottery. Gambling legally in some jurisdiction such as Hong-Kong and Macau is stilled allowed. Gambling in Hong-Kong heavily regulated.
Gambling was legalized in Macau in 1850s. The history of this land is full of stories of traditional gambling Chinese games. Gambling within Macau mainly happens in Western-style casinos. In 2007, the Las Vegas Strip was overtaken by Macau in revenues. Bloggers at ICOpulse frequently talk about casinos accepting bitcoin and how it will change the future of casino business. I think it is true even for the Chinese market.
Measures Taken by The Chinese Governments
In a bid to restrict online gambling, the Chinese government has initiated the great firewall. It is a vast program of domestic internet regulation. This program blocks off sites that have unwanted contents which currently includes gambling sites.
The main aim is to clamp down on the amount of online gambling the Chinese people can do.
In a bid to stay ahead in terms of emerging technologies China begins to embrace the advantages that are associated with the blockchain platform.
The Solution in Blockchain
Decentralized nature of blockchain enables the platform to work without any central servers. This makes it absolutely impossible for the platform to be closed under any given circumstances.
The Chinese gambling market is expected to grow since the introduction of blockchain technology and cryptocurrency to online gambling.
The crackdown on online gambling activities has led some casinos to invest in the blockchain. With the rapid growth in the number of internet users across Asia, there is going to be a surge in internet gambling activities in the years to come.
With the autonomy, the blockchain platform provides Chinese residents can participate in online games without the fear of their personal details being shown.
The recent surge in the use of blockchain platforms and different types of cryptocurrencies have left governments across the world wondering if they should legalize and regulate digital currencies. With favorable laws and regulations in other countries, the Chinese government will be forced to review their strict laws once more.