Insight
CRYPTOCURRENCY Venezuela
Nora Bracho,
The Deputy of the National Assembly, Venezuela
“While (President) Maduro announces the reopening of casinos in the country, the National Electric System is collapsed and on the verge of a total blackout.”
Venezuela casino to accept cryptocurrency as payments
A casino in Venezuela has announced that it will accept a number of cryptocurrencies as payment methods. Te 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. Ciudad Jardín casino, located in the Hotel Pipo in Maracay, recently reopened its doors, creating 400 jobs.
Te news comes on the heels of a number of recent surprises in the Venezuelan gambling industry. Earlier tin September, a Venezuelan lawmaker called out President Nicolás Maduro for granting 30 casino licences. Deputy Nora Bracho used the issue of casinos to highlight the government’s failure to ensure the country’s power supply.
“While Maduro announces the reopening of casinos in the country the National Electric System is collapsed and on the verge of a total blackout," said Deputy Nora Bracho.
According to unofficial sources, the government of President Maduro issued 30 casino licences for casinos across the country. Although there is still little official information from the government a new inspector of the National Commission of Casinos was appointed this month according to the government’s official twitter account. In addition, Venezuela’s gambling regulator, the National Commission of Casinos, Bingo Rooms and Slot Machines (CNC), announced that operators with a casino licence would need to connect with a central
P30 WIRE / PULSE / INSIGHT / REPORTS
Maduro needs to raise funds in the face of an ever worsening crisis. Since 2015, some 5.6 million
Venezuelans have left the country. Venezuela’s economy has
continued to collapse. The monthly inflation rate remains above a staggering 2,000 per cent, while the IMF estimates the annual inflation rate to date in 2020 is
15,000 per cent. The Venezuelan economy is estimated to have
contracted by about 26 per cent in 2020.
monitoring system that would enable the monitoring of all gaming activities in real-time.
Te development is thought to be part of a larger reopening of the sector which began in January 2020 when the government authorised the operation of a casino at the Humbolt hotel in Caracas. All bets were reported to be only processed in petro, the country’s national digital currency. President Nicolás Maduro said
at the time that all the funds raised would be allocated to social investment in areas such as education and health. Te new measure was aimed to capitalise on the use of digital currency. However, according to local press reports the Humboldt Casino only accepts US dollars as payment with reports emerging that entrance fees to the casino costs as much as US$100.
Maduro needs to raise funds in the face of an ever worsening crisis. Since 2015, some 5.6 million Venezuelans have left the country. Venezuela’s economy has continued to collapse. Te monthly inflation rate remains above a staggering 2,000 per cent, while the IMF estimates the annual inflation rate to date in 2020 is 15,000 per cent. Te Venezuelan economy is estimated to have contracted by about 26 per cent in 2020.
Axie Infinity is an ethereum-based game similar to trading card games such as Pokémon. Sky Mavis, the game's creator, saw a jump in revenue to $485m since July, according to a Bloomberg report. Tere are two types of tokens: Axie Infinity Shard token (AXS) and the in-game token Smooth Love Potion (SLP). According to Bloomberg most players are based in countries such as Brazil and Venezuela which have been especially hard hit by Covid- 19 and where local currencies are losing value.
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