Gibraltar United to Pay Its Players in Cryptocurrency

Gibraltar United to Pay Its Players in Cryptocurrency

A football team founded in 1943, Gibraltar United F.C. which is at present playing in the Gibraltar Football League’s Premier Division has decided to give salary to their players in the form of cryptocurrency. The club with the help of the owner Pablo Dana who is an investor in the Quantocoin ICO secured a sponsorship partnership. As per Dana, from next season onwards all players will also have payment agreements in cryptocurrency.

The introduction of cryptocurrency to Gibraltar United was prompted by a “preoccupation with transparency” as explained by the owner. He predicts that the technology’s open-access nature might help in cutting down the “corruption scandals that have plagued football.” This move also comes as a relief for foreign players who find it difficult setting up bank accounts in the British Overseas Territory. As for the legal environment in Gibraltar, Dana commented that:

“It was the first [place that] regulated betting companies 20 years back, when everyone was seeing them as horrible. They put compliance and anti-money laundering regulations and created a platform – they have the intelligence to do the same with cryptocurrencies.”

The involvement of cryptocurrencies in the field of sports is not something new, but it is usually focused on betting, project promotion deals and gaming. As per the newspaper reports, in January the Turkish amateur league club Harunustaspor signed 22-year old Omer Faruk Kiroglu for the price of 2,000 liras worth of BTC and 2,500 liras in fiat cash.

This is not the only place where Gibraltar has been associated with cryptocurrency. As reported earlier, as on January 1, 2018, regulatory mechanisms tailored to protect customers of cryptocurrency businesses, and its own reputation, went into effect. The Gibraltar Stock Exchange’s cryptocurrency exchange platform subsidiary a few days ago, opened to the public with six cryptocurrencies: BTC, ETH, RKT, LTC, BCH and ETC.

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Madhuri Arora
A passionate writer and an avid reader. I love watching action and superhero movies. Love food, music, travel and games.