Last week, a report claimed that cryptocurrency-based illegal gambling has surged in many parts of Asia owing to the rise of this novel asset class in recent years. In this regard, the article further added that over the course of the last five years or so, betting amounts have become substantially larger, partly because of traditional payment methods being replaced by cryptocurrencies.
From a more technical standpoint, a research study released by Transparency International, a nongovernment organization based in Berlin, Asia’s illicit gambling market was found to be worth a staggering $400 billion in 2018. This is in part because gambling is an extremely popular recreational activity across a number of countries in the region such as China, India, Indonesia, Pakistan and Bangladesh.
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