Cyprus to Legalize Gambling Due to Financial Crisis

Cyprus lawmakers are finally taking the decision to make gambling legal in the Mediterranean island. This comes due to the fact that the Cypriot President Nicos Anastasiades put forward a new plan which will have the purpose of rescuing the troubled country’s economy. The plan consists of 12 points which are hopefully going to bail Cyprus out of the economic collapse.

Even though the Orthodox Church in Cyprus is highly offended by this decision, the President declared that he is going to accept casino operators’ services. Until today, only land-based casinos in the northern part of Cyprus were legalized. Besides this decision, this weekend the Cyprus banks announced that more than 37 percent of the money deposited by customers are going to be converted into shares in the Bank of Cyprus, and no less that 22.5% of their deposits are going to be used for a fund from where they will obtain no interest and funds could be forfeited if the bank will be in need of them. Above all, the remaining money will be frozen for liquidity reasons, but will still earn interest.

Cypriot lawmakers are going to establish a new regulation system which will include allowing its own casinos. This comes as a surprise due to the fact that the island’s government restricted online gambling last year. This article was powered by CasinoWebScripts, which are a gambling software development company that offers solutions from slot games to consulting clients in opening land based casinos.


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