Cryptocurrency in Eswatini: An Emerging Trend and Its Influence on Gambling

As the world embraces digital currencies, Eswatini is gradually exploring the potential of cryptocurrency, a financial innovation that is growing in popularity across Africa. While still a nascent trend in Eswatini, cryptocurrencies like Bitcoin are becoming appealing alternatives to traditional financial systems, and their influence is even extending into the world of online gambling.

Cryptocurrency Adoption in Eswatini

Eswatini’s financial infrastructure is steadily modernising, but access to innovative financial tools like cryptocurrency remains limited compared to neighbouring countries like South Africa. With about 60% of the population unbanked, digital currency provides an opportunity for financial inclusion, particularly for those who do not have access to traditional banking services.

According to the Central Bank of Eswatini, cryptocurrency is being studied for potential regulation and adoption in the future. At present, many people in Eswatini use cryptocurrency for remittances and savings. The increasing affordability of smartphones and internet access are contributing factors to this growth. Although exact figures are hard to come by, a 2020 study revealed that 7.1% of Africa’s total cryptocurrency transactions came from Southern Africa, highlighting the region’s growing interest in digital currencies.

The Impact of Crypto on Gambling in Eswatini

Eswatini’s gambling industry, though small compared to other African nations, is regulated by the Eswatini Gaming Board. As in other regions, cryptocurrency is starting to have an impact on how people engage with gambling platforms. Online casinos that accept cryptocurrencies are opening doors for Emaswati to participate in international gaming markets without the need for a local bank account.

Globally, the crypto gambling market has grown significantly, with over $1.5 billion in cryptocurrency transactions flowing through online gambling platforms in 2020. In Eswatini, crypto’s appeal lies in its ability to provide anonymity, fast transactions, and lower fees compared to traditional payment methods. This is especially valuable in a country where accessing international financial services can be a challenge.

The Emergence of Crypto Gambling

Crypto gambling is slowly making waves in Southern Africa. As more international platforms accept Bitcoin, Ethereum, and other cryptocurrencies, players from Eswatini can participate without having to go through lengthy banking processes. This is crucial in a country where financial systems are still developing and many people lack access to traditional banking infrastructure.

Platforms like Bitcasino and Stake, which accept multiple cryptocurrencies, allow users to deposit, wager, and withdraw funds without using fiat currency. For Eswatini, where financial inclusion remains a challenge, this could be a game-changer in making gambling more accessible to the masses.

Crypto’s Role in Future Gambling Trends

As the gambling landscape evolves, it’s likely that more local and international gambling platforms will accept cryptocurrency. This shift will make it easier for Eswatini’s population to participate in gaming activities, especially as crypto adoption increases. The growing trend towards mobile access and smartphone penetration could further accelerate the adoption of crypto in gambling.