Cryptocurrencies have been around for a few years but for many gamblers, they are a brand new form of currency that can be used for online gambling. Today, there are hundreds of sites operating around the globe that will allow registered members to manage accounts and place bets using various cryptos. Crypto gambling has become so popular that there are sites that support 10 or more different options!
If you have visited an online casino where cryptocurrencies are accepted, you will have already heard of the popular options like Bitcoin. For players that reside in the United States, the question about legal crypto casinos is something that many are debating. If you want to learn whether you can legally place bets using this currency, we have the information you need right here. As more players begin using this digital currency to fund casino accounts, we can expect more sites to support payments, increasing the use of cryptos around the globe.
Banking establishments in the US are allowed to accept payments from online casinos. When it comes to playing at sites that use Bitcoin or other cryptos, there are no banks involved. It is legal for players to engage in betting using a cryptocurrency. Some states in the US have their own laws about payment methods that can be used at online casinos. States like New Jersey, Pennsylvania, and Delaware have strict regulations regarding online gambling. As a result, crypto casinos are not available in these states. In fact, no US state that has legalized online gambling accepts crypto as a form of payment at operating sites.
Gambling with cryptocurrencies is an activity that is not governed by any laws, so it is not legal or illegal. When it comes to crypto casinos, some countries have welcomed the use of these currencies and some are even considering regulating blockchain businesses. At this time, the US is not one of these countries if you are looking to engage in real money play using cryptocurrencies, you will not find any licensed US casino available.
Congress has been considering a bill that would legalize the use of Bitcoin in the US, but that bill has stalled. Bitcoin and other cryptos are currently not recognized as legal tender in the United States. Instead, they are considered to be a commodity. Since it is a commodity, the government has the right to take taxes from any business that accepts crypto payments including online casinos. This increase in taxes is one of the main reasons you will not find Bitcoin or other cryptos supported at any US casinos operating online.
In addition to taxing the online operators, the government can also tax any profits that are earned as a result of trading or using any form of cryptocurrency. These digital currencies are legal within the US, but due to tax issues, no online casinos are willing to take on the additional burden.
Gamblers located in the United States are not restricted to playing at sites that are licensed within the country. There are no laws that prevent players from accessing sites in other locations. This means that players in the US have the ability to access crypto casinos that are licensed in various countries and engage in real money play without breaking any laws.
Even though transactions will be made using different cryptocurrencies, any profits earned while gambling will be taxable. Players must report winnings on their personal income tax every year. With the use of cryptos becoming more popular and many more online casinos accepting these payments, it is possible that the US may see cryptos as currency instead of commodities, which would reduce the tax burden on US online casinos.