Russia Targets Online Gambling Through Russia's Central BankPublished February 5, 2021 by Sol FH
Online gambling operators have been targeted by Russia's Central Bank.
Russia's Central Bank is targeting online gambling operators and players, making it more complex to make wagers and to cash-out. No one is certain what the Bank is planning, but there are some detailed theories. Russian players have essentially lost all methods of making deposits, aside from the use of Bitcoin (BTC), but is there a method to the madness?
Illegal online casinos and bookmakers have been present in Russia for some time. Now, reports from the Russian business news source, The Bell, indicates that Russia's Central Bank is seeking to crack down on these operations by limiting all online transactions. Over the last few months, numerous online payment videos, such as Yoo Money and Qiwi have been totally blocked, while another ten other payment solutions have been hit with fines. Moreover, payment methods like Fintekh and Onego have had their operating licenses canceled.
For now, BTC is the only method that can still be used to make deposits and withdrawals with legal online casinos. The Bell went and tested various payment methods at three of the countries' casinos, using Russian bank cards (Sberbank and Tinkoff), and other payment methods, but the casinos would only accept BTC.
There have been rumors that Russia is looking into a major switch to crypto in order to thwart international sanctions. Crypto is not as anonymous as many would like to believe, as it is possible for authorities to track the sources of all crypto-based transactions and see where alt-coin use is being executed in Russia.
Some casinos have gone "old-school," allowing potential players to drop-off hard cash at gambling operators' place of business. This is a solution until crackdowns widen.