China bank to stem cross-border gambling outflow

Updated Jun 16, 2020 | Published Jun 15, 2020
[2 mins read]
The People’s Bank of China has revved up its efforts to clamp down on bank accounts that are tied to illicit online gambling activities, the bank’s deputy governor, Fank Yifei, revealed during a meet on Thursday.
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The meeting involved the representatives of many leading financial institutions, including China’s Ministry of Public Security, General Administration of Customs, China Banking and Insurance Regulatory Commission, State Foreign Exchange Administration, Payment & Clearing Association of China, China UnionPay and the NetsUnion Clearing Corp.

Moving forward, China will focus on reducing the flow of cross-border gambling capital. Yifei urged all present at the meeting to seek and enforce chains that would step up their efforts to sever such cross-border gambling exchanges and assist the government in effecting control against potential wrong-doers.

The question remains if Yifei meant Macau as the primary destination. China has long been eager to shut down gambling operations in places like Cambodia and the Philippines to avoid capital outflow. According to JP Morgan analysts DS Kim, Derek Choi and Jeremy An, China is not concerned about Macau.

However, the country is planning to develop a new blockchain hub in Hainan province, which may also involve a gaming element, although no official confirmation has come. In the meantime, many crypto igaming casinos have been operating in Asia, with FunFair Technologies introducing the company’s first localisation bid for Japan.

Others, such as BitStarz, support a dedicated user interface (UI) translated in Chinese. However, no crypto casino makes an official claim to cater to mainlanders as China regulates and suspends access to such venues.

However, there are many casinos with a broad global footprint, including mBitCasino, FortuneJack and Bitcasino.io, all of which offer a great 2.5 BTC – 5 BTC welcome bonus for new players from various countries around the world.

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CGN senior journalist 

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