Scotish clinic for cryptocurrency trading addicts opens

A clinic for cryptocurrency trading addicts has just opened-up in Scotland.

Castle Craig Hospital in Peeblesshire in the Scotish Borders, is believed to be the first clinic for cryptocurrency trading addicts.

According to a  report by Evening Standard, the “crypto clinic” is treating people who are addicted to buying and selling cryptocurrencies.

Castle Craig has created a course of residential therapy for those deemed to be crypto addicts.

Cryptocurrency trading has become a form of behavioral addiction, experts told the Evening Standard.

The compulsion causes traders to be obsessively fixated by “minute-by-minute” market fluctuations.

The clinic’s devised treatment program is, therefore, closely resembles existing methods for treating gambling addicts, rather than substance abusers.

The gambling therapist at Castle Craig Hospital, Chris Burn, told the Evening Standard:

“The high risk, fluctuating cryptocurrency market appeals to the problem gambler.

“It provides excitement and an escape from reality. Bitcoin, for example, has been heavily traded and huge gains and losses were made.

“It’s a classic bubble situation.”

A former gambling and cocaine addict, Tony Marini, is developing new treatments for the center.

Speaking to the Standard Marini says that “introducing life structure is key,” adding:

“I see cryptocurrency trading as a way for people to escape from themselves, into another world, because they don’t like the world they’re in.

“The first stage of treatment is to join other addicts in group therapy and share their life stories.

“This helps them identify with each other and realise that they’re not alone.”

According to Castle Craig, there are currently no official figures for the number of “crypto addicts” in the world.

The center explains, however, that there is “around 13 mln” people trading in the system worldwide.

Tax dodging

In the UK, there has been discussion as to whether declaring your cryptocurrency trading as gambling could avoid having to pay taxes on gains.

By declaring crypto profits as gambling wins, the gains could fall under either income or capital gains tax laws with the British tax authority HMRC.