“Since service and innovation are top issues in Schaanwald, which became the first
casino worldwide where guests could play in two currencies, we hope being able to offer our guests the possibility of paying with Bitcoins sometime in the future.
Liechtenstein is very active in becoming a Blockchain hub and is one of the first
countries worldwide with a Blockchain law.” Christoph Zurucker-Burda, CEO, CAI
One issue the company wants to eradicate is the delay caused by the transfer of cash across borders which can cause problems for both players and operations. Te use of crypto- currency removes the need for physical cash and is appealing to casino operators and group players who can play at different casinos but have problems transferring funds which can take days to process.
Casino Schaanwald hired ALEAx this year, who offer tailor made Blockchain and Bitcoin solutions for the gaming industry.
Mr Zurucker-Burda said: “In February we presented a project to accept crypto-currency in Schaanwald Casino. Liechtenstein is the first country to have legislation for crypto-currency and it is a good environment for crypto- currency. Due to Coronavirus however we had some other priorities and there has been a delay in getting this up and running, but we are definitely going to resume the project.
“It is not a project for mass market so it is not a priority right now. Everything is about liquidity right now. If Liechtenstein is a success then we will see what other countries have regulated legislation and we will look at crypto-currency then elsewhere.
“Blockchain technology as a whole is a very interesting field that offers new possibilities. Since service and innovation are top issues in Schaanwald, which became the first casino worldwide where guests could play in two currencies, we hope being able to offer our guests the possibility of paying with Bitcoins sometime in the future. Liechtenstein is very active in becoming a Blockchain hub and is one of the first countries worldwide with a Blockchain law, so we see a good basis for introducing crypto-currency in the future.”
Blockchain hub as favourable regulations and improved access to banking and legal services are attracting more and more crypto companies. Many specialised law firms and consultants have also moved to Liechtenstein whilst last year almost a 100 new businesses set up shop in the Crypto Valley area.
By mid 2020, according to
ico.li there were 919 Blockchain companies in Switzerland and Liechtenstein, up from 842 the previous year and 740 companies in 2018 with almost 4,800 employees. During the first half of 2020 some 51
new companies arrived in Crypto Valley whilst 31 closed down due to the crisis. Te top 50 crypto companies managed to attract $3.7bn in capital during this time. Te main five unicorn companies are Ethereum, Dfinity, Polkadot, Bitmain and Libra.
Although crypto-currency isn’t a new invention its arrival in the gaming world is still tentative. Casino Austria is planning to use Casino Schaanwald as a crypto guinea pig and allow players to cash in and out using a digital wallet to process Bitcoin payments.
Liechtenstein does not have its own central bank and therefore does not control its own monetary policy and ensuring financial stability is down to the Financial Market Authority (FAM), which is also responsible for reviewing the due diligence concept for casino operators to combat money laundering.
Te Financial Market Authority conducts inspections at the casinos to monitor the measures and processes of the casinos to ensure their compliance with due diligence laws.
NEWSWIRE / INTERACTIVE / MARKET DATA P53
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