which had been granted by local authorities. Te state sponsored purge of the industry left an estimated 100,000 people jobless and the only gaming establishments left standing were those casinos located in five star hotels. In July 2011 these were closed by order of the CNC.
For over a decade there was no news of the casino industry coming out of Venezuela. Ten suddenly, in one of the most surprising events for years, in January 2020 the government said it had authorised the operation of a cryptocurrency casino at the Humbolt hotel in Caracas. All bets were reported to be only processed in petro - the country’s national digital currency. Maduro said that all the funds raised would be allocated to social investment in areas such as education and health.
Te government has now issued 30 casino licenses in all with the CNC reportedly selling licenses for as much as US$350,000 each. It is believed that around four casinos are running, two of which are operational in Caracas.
In addition, the CNC announced that operators with a casino licence would need to connect with a central monitoring system. However the CNC seems to have taken very little notice of gaming laws which are already in place.
A casino can only be established after a referendum and in a zone specifically designated as a tourist zone and in a five star hotel. Many of these new establishments are below this category and no referendums have been carried out.
In its own way Venezuela could be ground breaking in its acceptance of crypto payments. In September 2021, Ciudad Jardín casino located in the Hotel Pipo in Maraca announced that it would accept a number of crypto currencies as payment methods. As reported in CriptoNoticias the casino published the announcement on its Instagram page stating that as well as local currency, US dollars and Euros they would also accept bitcoin (BTC), ethereum (ETH) and tether (USDT).
Te casino also announced that it would accept crypto game Axie Infinity game tokens (SLP and AXS) as payment. Axie Infinity is an ethereum- based game similar to trading card games such as Pokémon. According to Bloomberg, most players are based in countries such as Brazil and
WIRE / PULSE / INSIGHT / REPORTS P75
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