Police Seize $1.5 Million in FIFA Gambling Crackdown

[finaleshot2016]

The police officials of China seize down a 1.5 million dollars worth of crypto that is a part of the gambling crackdown last year in 2018 FIFA World Cup. The cryptocurrencies are recognized as bitcoin, ethereum and litecoin.

The officials arrested the organizers of the event and seize the 1.5 million dollars of crypto and 750 thousand dollars of renminbi in banks.
It's huge money though.

source: https://www.coindesk.com/police-seize-1-5-million-in-crypto-during-fifa-gambling-crackdown

[eternalgloom]

Might be a good idea to add a source to your post, especially since you just copied that title from a Coindesk article.
Pretty close to plagiarism, I'd say, even though you've written the post content yourself.

https://www.coindesk.com/police-seize-1-5-million-in-crypto-during-fifa-gambling-crackdown

[davis196]

Wow looks like the Chinese are even using crypto to gamble locally, that's somewhat exciting news. The more use it gets there, the better.

Is there legislation in China about using crypto to gamble or is this just strict government control with no oversight going on?

AFAIK gambling in China is forbidden by the law.That's why most Chinese gamblers visit Makao,I guess.
I don't see anything exciting in the news.In this case,cryptocurrencies are being used for illegal activities,which doesn't help for convincing the noobs,that crypto isn't a shady tool used by many criminals.

[YuginKadoya]

If it is not authorized by the government of China then it is illegal and right now I guess China is prohibiting the use of cryptocurrency illegally in their country and they are starting out with illegal gambling, And this kind of negative news is not gonna make the price of bitcoin rose, and the confiscation of the $1.5 Million worth of bitcoin to the custody of the government can have a negative effect we may never know what can they to with it,

I guess if they don't advertise that said gambling site then the police would not notice it, And they can never have any problem at all, But how can they get user or gamblers playing on their site, I guess a private message can be appropriate.

[DoublerHunter]

AFAIK gambling in China is forbidden by the law.That's why most Chinese gamblers visit Makao,..

^ It's Macau bro, but you are completely right that the Chinese government was strictly prohibited and not allowed to operate legally in any gambling industries either related crypto or using fiat in a casino. That's why gambling casino is on Macau only the biggest source of revenue in gambling and also the tourist spot for all gamblers. I never doubt that the Chinese police was seized that gambling company and arrested the organizer because they are obviously illegal. Good thing this isn't showing effect in the crypto market.

[finaleshot2016]

Might be a good idea to add a source to your post, especially since you just copied that title from a Coindesk article.
Pretty close to plagiarism, I'd say, even though you've written the post content yourself.

https://www.coindesk.com/police-seize-1-5-million-in-crypto-during-fifa-gambling-crackdown

I revised it a little and forgot about the source. Thanks for informing me! already edited.

AFAIK gambling in China is forbidden by the law.That's why most Chinese gamblers visit Makao,..

^ It's Macau bro, but you are completely right that the Chinese government was strictly prohibited and not allowed to operate legally in any gambling industries either related crypto or using fiat in a casino. That's why gambling casino is on Macau only the biggest source of revenue in gambling and also the tourist spot for all gamblers. I never doubt that the Chinese police was seized that gambling company and arrested the organizer because they are obviously illegal. Good thing this isn't showing effect in the crypto market.

China hates cryptocurrency, It affects their economic rate because they still want to reign so they're avoiding it. There's a lot of casinos in Macau, actually, I know someone that has been traveled there and said that there's a lot of Chinese visiting there.

[Zicadis]

The police officials of China seize down a 1.5 million dollars worth of crypto that is a part of the gambling crackdown last year in 2018 FIFA World Cup. The cryptocurrencies are recognized as bitcoin, ethereum and litecoin.

The officials arrested the organizers of the event and seize the 1.5 million dollars of crypto and 750 thousand dollars of renminbi in banks.
It's huge money though.

source: https://www.coindesk.com/police-seize-1-5-million-in-crypto-during-fifa-gambling-crackdown

That is like dipping a small pail in the ocean and making a small splash with the pail while doing so.
Chinese gambling industry is larger than 30 billion dollars mate. And Macau and Hongkong are the prime places where it is conducted from. These chinese officials making a few arrests here and there are largely done by the gambling mafia taking out their small countryside rivals.

[fortunecrypto]

Wow looks like the Chinese are even using crypto to gamble locally, that's somewhat exciting news. The more use it gets there, the better.

Is there legislation in China about using crypto to gamble or is this just strict government control with no oversight going on?

AFAIK gambling in China is forbidden by the law.That's why most Chinese gamblers visit Makao,I guess.
I don't see anything exciting in the news.In this case,cryptocurrencies are being used for illegal activities,which doesn't help for convincing the noobs,that crypto isn't a shady tool used by many criminals.

That's true they are migrating in the Philippines and some other nearby countries so they can operate their online gambling network, there have been many raids here involving Chinese gambling operator, it's still illegal here but they have much corrupt government official that's backing them out.

[coinlocket$]

1.5 million dollars is a lot of money for us but a low budget for rich people.

This is, in my opinion, a classical clickbait article to get more viewers as possible to get more money form ads. Nothing relevant here.

[Twinkledoe]

Wow looks like the Chinese are even using crypto to gamble locally, that's somewhat exciting news. The more use it gets there, the better.

Is there legislation in China about using crypto to gamble or is this just strict government control with no oversight going on?

AFAIK gambling in China is forbidden by the law.That's why most Chinese gamblers visit Makao,I guess.
I don't see anything exciting in the news.In this case,cryptocurrencies are being used for illegal activities,which doesn't help for convincing the noobs,that crypto isn't a shady tool used by many criminals.

They are forbidden in China, but look who are the owners of casinos in Macau and other neighbouring countries? Most of them are Chinese. Very ironic, right? And yes, for a noob to read this, he will surmise that crypto is really used for illegal activities. But then, he should educate himself to gain knowledge how crypto really works and how businesses benefit from the use of it.

[sandra_x]

It does necessarily put cryptocurrency in a bad spot light. It is was just the medium of payment, not the crime itself. Same probably would have been the case if fiat was used as the currency  involved. Gambling is a regulated industry in most advanced climes

[DebitMe]

It does necessarily put cryptocurrency in a bad spot light. It is was just the medium of payment, not the crime itself. Same probably would have been the case if fiat was used as the currency  involved. Gambling is a regulated industry in most advanced climes

That is what no one ever cares to look into. These things would happen whether bitcoin was around or not, but it's just an easy shitty scapegoat to blame bitcoin for something like this when in actuality it would happen with fiat, and probably not get caught.

[Jating]

It does necessarily put cryptocurrency in a bad spot light. It is was just the medium of payment, not the crime itself. Same probably would have been the case if fiat was used as the currency  involved. Gambling is a regulated industry in most advanced climes

The news came from China, they have been very salty on crypto specially on bitcoin. So it's just about time to make some news again and involved bitcoin because it seems that the price is rallying again.

$1.5 million dollars is still very big, and it really means that gambling is really all-over and as much as all efforts have been put into place to stop it specially in China, it will be a big task for them.

[legendster]

It does necessarily put cryptocurrency in a bad spot light. It is was just the medium of payment, not the crime itself. Same probably would have been the case if fiat was used as the currency  involved. Gambling is a regulated industry in most advanced climes

The news came from China, they have been very salty on crypto specially on bitcoin. So it's just about time to make some news again and involved bitcoin because it seems that the price is rallying again.

$1.5 million dollars is still very big, and it really means that gambling is really all-over and as much as all efforts have been put into place to stop it specially in China, it will be a big task for them.

1.5 mil is nothing compared to the size of the Chinese gambling industry dude. I am not even sure why they bother with these crackdowns as it has 0 effects on curbing gambling activities.

[posi]

Wow looks like the Chinese are even using crypto to gamble locally, that's somewhat exciting news. The more use it gets there, the better.

Is there legislation in China about using crypto to gamble or is this just strict government control with no oversight going on?

AFAIK gambling in China is forbidden by the law.That's why most Chinese gamblers visit Makao,I guess.
I don't see anything exciting in the news.In this case,cryptocurrencies are being used for illegal activities,which doesn't help for convincing the noobs,that crypto isn't a shady tool used by many criminals.

There's definitely nothing to be exciting with the news cause the gamblers actually violated the laws of Chinese government and for the Chinese been a strict government was the part I hated about the story can the Chinese government may literally come up with rules which will affect crypto traders due to the issue.

[FFrankie]

With an allege volume of over 1 billion, for them to only seize 2million that is crap. I would bet that the police that seized it kept some.

[tsaroz]

Wow looks like the Chinese are even using crypto to gamble locally, that's somewhat exciting news. The more use it gets there, the better.

Is there legislation in China about using crypto to gamble or is this just strict government control with no oversight going on?

AFAIK gambling in China is forbidden by the law.That's why most Chinese gamblers visit Makao,I guess.
I don't see anything exciting in the news.In this case,cryptocurrencies are being used for illegal activities,which doesn't help for convincing the noobs,that crypto isn't a shady tool used by many criminals.

It's China though, the law shifts like the fucking clouds there, I'm sure Macau has places accepting Bitcoin there, I'll have to look into it though.

Macau is similar to Hong Kong a one country two systems. And is a center of gambling all over Asia and further. Macau is the largest gambling city in terms of money wagered.
Rich Chinese do come their and make their black money white legally. Some residing on border area visits small gambling towns like Mong La in Myanmar and 

[Dreamchaser21]

Wow looks like the Chinese are even using crypto to gamble locally, that's somewhat exciting news. The more use it gets there, the better.

Is there legislation in China about using crypto to gamble or is this just strict government control with no oversight going on?

There’s a strict regulations for sure but if you gamble in wrong things you might ended up like this. This is a lot of money, and maybe there’s a irregulaties witht the organizer and that’s why the authorities arrested the organizer. Well, its a big money and I think China will be strict again.

[BitBustah]

Just repeating what a few others have already said, $1.5 millions is a laughable amount.  We are talking about an industry that pulls in tens of billions yearly.  Also I'm sure there was more money but the officials kept some for themselves.  We all know how corrupt authorities are.

[STT]

Wow looks like the Chinese are even using crypto to gamble locally, that's somewhat exciting news. The more use it gets there, the better.

Is there legislation in China about using crypto to gamble or is this just strict government control with no oversight going on?

Thing is the story with communism will always be the same.   The government has rules that serve itself and the people will continue to do business as much as they are able that serves their own interests.   China is such a giant country, I cannot see how they can eliminate either gambling as an idea, as a sport and entertainment or crypto for its practical easy usage, distribution, storage and fungibility .

I have to conclude this news is bullish, the minor news story is the crackdown the bigger story is Chinese people have these interests.   If I look towards a greater trend, its most often going to be with the over a billion people as a possible market for that interest to expand into.    The smarter deal is for even government to tax not outlaw such things