Gibraltar United is going to become the first football team that will pay its players in cryptocurrency in the upcoming season. The financial sector of the team has grasped blockchain technology to pay its team members.
Pablo Dana, owner of the team has invested in Quantocoin and has started a partnership like other football players and teams who have found the use of cryptocurrencies. The government has formulated rules for enterprises using the blockchain technology in the month of January and is planning to set new rules for initial coin offerings made by these currencies.
Cryptocurrencies will be very useful for paying foreign athletes who are not able to open bank accounts in the country although it dodges the taxes imposed by the government. Gibraltar as a country wants to bring proper rules and regulations for cryptocurrency so that it can be used legitimately in the country. Dana believes that by using cryptocurrency in Gibraltar United, he will be able to bring more transparency to the sport and it will be helpful to avoid the corruption that is currently prevailing. He said Gibraltar was the first country to impose proper rules and regulations on betting agencies for 20 years now and even the government has various rules to avoid money laundering in the country.
There are other football teams as well who are interested in blockchain technology and cryptocurrencies. In January, the Arsenal Football Club from London has partnered with Cashbet, another cryptocurrency. Gambling brings in millions of pounds and has established itself in the sport. These betting agencies have become the leading sponsors in football and have become the leading shirt sponsors for nine league teams.