Gibraltar is a leading cryptocurreency jurisdiction and now it is going to compensate the players in its national football team in cryptocurrency.
The semi-professional team, which has own the admiration of many since it started paying in Europe, is paying the team’s salaries in Quantocoin. The project’s white papers explains that it is a platform for digital banking that uses blockchain technology and smartphones, plus a new type of bio-identification system to ensure all users’ accounts are secure.
Why pay footballers in crypto?
Paying players in cryptocurrency has immediate benefits for the team and the crypto ecosystem. Primarily, it provides greater visibility for Gibraltar as a cryptocurrency hotspot and even a little media exposure can go a long way to drawing investors to a cryptocurrency.
But, it also has another benefit. Paying in cryptocurrency allows international players to be paid without having to go through the process of setting up a bank account in Gibraltar. Furthermore, paying in crypto is seen as a way to put a halt to the corruption endemic to football, by paying players directly rather than going through banks and middlemen. Basically, it becomes much more difficult for illegal payments to filter through agents or clubs.
Big names in football endorse crypto investments
It’s true that individual players have been getting involved with crypto. Lionel Messi, the Barcelona and Argentinian superstar striker has endorsed Sirin Labs, and both Michael Owens and Ronaldinho have been adding their names to some crypto investments as well.
However, what Gibraltar wants to achieve is a playing field where crypto becomes accepted as a method of paying sports stars and encourage wider adoption and usage of cryptocurrencies generally. Whether they will score with this remains to be seen.