Established iGaming companies registered in the Philippines transform their payment solutions to digital currency

Some well-known iGaming companies have suspended their deposits and operations on the grounds of security reasons, which has caused a severe impact on their income

Due to the stepped up efforts of Chinese government to crack down on gambling activities and the increasing risk of using RMB for online gambling activities, some established iGaming companies registered in the Philippines have started to transform their payment solution to digital currency to replace RMB for the sake of stability.

It is understood that iGaming companies in Philippines have been opening multiple dummy accounts in China to avoid being targeted by the authorities. The members of the online casinos will have to deposit their money to designated accounts according to casino instructions. However, at present, the Chinese government has increased penalties for providing accounts to gambling-related business, and the review of creating new account will become stricter in the future.

Earlier in Philippines some well-known iGaming companies have suspended their deposits and operations on the grounds of security reasons, which has caused a severe impact on their income. Hence, a very well-known iGaming company registered in the Philippines had announced in the middle of June that it would stop providing online gambling services to customers in China, as well as close down RMB business channel. The company also announced that it will fully transform its payment system to digital currency, emphasizing it’s focus on advancing the international market. Some industry insiders said that digital currencies are virtual currencies such as ‘Bitcoin’. As long as China customers still can find a channel to buy currencies, they can redeposit these online accounts, which may avoid the risk of the account transfers, but will face some other Issues such as the security of the currency itself and exchange rate fluctuations.

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