- Gibraltar United Football Club says decision motivated by transparency
- Foreign players will no longer have problems opening bank accounts
- Turkish club also signed similar deal earlier this year
In what could be an industry first, a 75-year-old football club plans to pay its players in cryptocurrency. Gibraltar United Football Club, which was founded in 1943 and currently plays in the Premier Division of the Gibraltar Football League, recently made this decision.
According to reports, the club secured a sponsorship deal with the assistance of owner Pablo Dana, who is also an investor in the Quantocoin ICO.
In an interview with the British newspaper, The Guardian, Dana said that by next season, all contracts with players will include compensation agreements in cryptocurrency. He explained that the decision was mainly motivated by a “preoccupation with transparency” and predicted that cryptocurrencies’ open-access nature might help to keep in check the “corruption scandals that have plagued football”.
This will reportedly also make things easier for overseas players, who often run into problems when trying to open bank accounts in this British Overseas Territory.
Regarding the legislative environment in the territory, Dana said that 20 years ago, Gibraltar became the first place to regulate betting firms at a time when everybody else was looking down on them. They put in place anti-money-laundering and compliance regulations and established a platform.
He added: “They have the intelligence to do the same with cryptocurrencies.”
Cryptocurrencies are nothing new in the world of sports, but until now, it has mainly focused on gaming, betting and project promotion deals. As the newspaper pointed out, Turkish amateur league club Harunustaspor signed a deal with 22-year-old player Omer Faruk Kiroglu in January for 2,500 liras in fiat cash and 2,000 liras worth of Bitcoin.