In the quest to be known as a leading bitcoin-friendly jurisdiction, Gibraltar has just taken a major step forward by announcing that a local football team will be paying its players through cryptocurrencies.
A local team from Gibraltar, Gibraltar United F.C., which was founded in 1943 and currently plays in the Gibraltar Football League’s Premier Division, has announced that it will start paying all its players salaries through cryptocurrency. According to reports, The club recently secured a sponsorship partnership using its owner Pablo Dana’s influence, who is an investor in the Quantocoin ICO.
In a segment with UK’s newspaper Guardian, Dana revealed that by the start of next season all players contracts will come with an agreement to receive payments in cryptocurrencies.
Dana went on to explain that a “preoccupation with transparency” is what convinced Gibraltar United to introduce cryptocurrencies as a payment mode, predicting that the technology’s transparent nature could curtail the “corruption scandals that have plagued football.”
Also, Dana claims that It has given his club an easy solution for helping foreign players who face difficulties in setting up bank accounts in the British Overseas Territory.
Regarding the legal environment in Gibraltar, Dana went on to say: “Two decades ago, It was the first [place that] regulated betting companies when everyone deemed them as horrible. They put compliance and anti-money laundering regulations and created a platform and they possess the required intelligence to do the same with cryptocurrencies.”
Although the use of cryptocurrencies in the sports sector is nothing new, it is usually used more for betting, online gaming, and project promotion deals. For instance, back in January, the Turkish amateur league club Harunustaspor announced the signing of 22-year old Omer Faruk Kiroglu for 2,000 liras worth of BTC amounting to 2,500 liras in fiat cash.
Even before this major development, Gibraltar had been taking many steps towards becoming a cryptocurrency hub. As per a report published by news.bitcoin.com, back on January 1, 2018, regulatory mechanisms were developed in such a way that it protects customers of cryptocurrency businesses, as well as its own reputation.
Also not long ago, the cryptocurrency exchange platform subsidiary of the Gibraltar Stock Exchange was officially launched to the public with six cryptocurrencies: ETH, BTC, LTC, RKT, BCH, and ETC.