LATIN AMERICA
Conclusion T he online gaming industry in Argentina stands at a crossroads, facing a formidable challenge – to curb the dominance of illegal operator. As we’ve explored in this article, this challenge arises from a complex interplay of economic factors, institutional structures, and player awareness. However, at its core, the issue hinges on the lack of traceability in financial transactions, a gap that cryptocurrencies have the potential to bridge. Cryptocurrencies, with their transparency and traceability, emerge as an interesting approach towards this issue. They represent an opportunity to restore integrity and trust to Argentina’s online gaming sector. Despite the promise of cryptocurrencies, the road ahead is not without challenges. Clear regulatory guidelines must be established to ensure responsible and secure cryptocurrency use within the gaming industry. Collaboration between regulatory bodies, ALEA and the private sector is vital to achieving this balance. Moreover, awareness among players is key. Education campaigns can empower players to make informed choices and distinguish between legal and illegal operators. The collaboration of public figures and influencers in promoting responsible gaming practices can significantly impact player behavior. In conclusion, the potential of cryptocurrencies to reshape Argentina’s online gaming industry is undeniable. It offers a path toward transparency, security, and innovation in a sector beset by challenges. As the government, regulators, and the gaming community come together to harness this potential, Argentina can lead the way in gaming law and regulation, setting a positive example for the broader international gaming industry. The future of online gaming in Argentina holds the promise of a fair, secure, and thriving ecosystem for players, operators, and regulators alike. It is a journey that begins with embracing the transformative power of cryptocurrencies.
tracked and audited in real time. Such transparency can act as a deterrent to the networks frequented by illegal operators who thrive on the benefits of untraceability provided by black-market payment accounts. Cryptocurrencies are renowned for their robust security measures. With cryptographic encryption and decentralized networks, players can have greater confidence in the safety of their funds and personal information. As players become more aware of the enhanced security provided by cryptocurrencies, they may be more inclined to choose legal operators that offer this payment option. As mentioned in “Online gaming regulation in the Jurisdictions” section, the current regulation requires bank reserves in provincial banks. This requirement generates transaction fees and delays, which can deter players from participating in online gaming. Cryptocurrencies eliminate these barriers, allowing for near-instant, low-cost transactions. This not only benefits players but also streamlines the financial operations of gaming operators. By embracing cryptocurrencies, Argentina’s online gaming industry can position itself as a pioneer in adopting cutting-edge technology. This innovation can attract tech-savvy players and foster a culture of technological advancement within the gaming sector. With the current bill being debated in the National Congress, the inclusion of cryptocurrencies can further aid in enforcing regulatory compliance. It could also be possible to imagine the application of smart contracts automatically programmed to ensure that gaming operators adhere to local regulations, such as responsible gaming practices and player protection measures. While the potential benefits of cryptocurrencies are evident, it is essential to acknowledge the need for a well-defined regulatory framework. As cryptocurrencies continue to gain traction in Argentina, the government and regulatory bodies must collaborate to establish clear guidelines that balance innovation with consumer protection.
AGUSTÍN DÍAZ FUNES Abogado, MF Estudio, Argentina For information contact +54 9 11 3462-1801 agustin@mfestudio.com.ar
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IMGL MAGAZINE | OCTOBER 2023
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