Increased accessibility to the Internet and the most advanced technological advancements are also having a big impact on the gambling sector. There has been a drastic shift towards virtual gaming, augmented reality, and online gambling. While the industry enjoys tremendous opportunities, regulatory bodies face new challenges with respect to national sovereignty and government regulation.
The National Betting Authority has been contemplating whether it can keep a watch on the gambling industry of Cyprus using Blockchain technology or not. The regulatory body will soon host an event for discussing the most recent trends in cryptocurrency and Blockchain. The discussion will have a special focus on how this technology can offer opportunities to the gambling industry of the country.
Can Blockchain help in supervising Cyprus’ gambling industry?
The regulator mentioned in a recent blog post that “unprecedented” opportunities are offered by the latest technology. At the same time, there are several challenges with respect to national sovereignty issues and government regulation. The authority is trying to find out whether Blockchain technology will be able to enhance and support its supervision of the gambling industry of Cyprus.
The University of Nicosia is going to come up with a presentation that may cover the use of cryptocurrency and Blockchain in the industry. A panel discussion will follow the presentation to touch upon the advantages offered by the technology to the private and public sectors. Cyrus is not new to Blockchain technology. The country has used it at the beginning of this year for certifying that approximately one hundred physicians and nurses had got the COVID-19 jabs.
