Blockchain Casino Announced for Macau In Spite of Ban

blockchain casino macauIn spite of a decline in the significant cryptocurrencies based on blockchain technology, it continues to rise and shine in some countries like China primarily due to gambling restrictions enforced by the government.

However, in one of the big gaming hubs of the world, Macau, a new notion of taking advantage of such kind of demand has formed, and it seems like it could be quite a success out there.

Connecting Gambling and Blockchain Together

While you might be aware of the term blockchain technology which is the foundation of the digital currency, but at times it can be difficult to understand its overall popularity.

In China, where gambling is prohibited in spite of the growing demand, the blockchain technology allows players to gamble in different types of cryptocurrencies and stay anonymous at the same time.

The working of the blockchain is based on the formation of digital fingerprint for every transaction, which is later on stored in a digital ledger. Although the transaction is recorded, it is impossible to track the identity of the owner of the currency. This is the biggest reason why cryptocurrency casinos are growing into prominence in countries where gambling is considered a legal crime.

A World First

DeClub, which is a reputed casino management company in Macau has announced a business deal with Wide Rich Global, which is a big investment company in Malta.

Both these company together want to connect gambling and blockchain by introducing the first blockchain based casino game hub in the world which will be integrated with online as well as land-based casinos.

This is a big project and requires a lot of financial back-ups and capital support. The popular digital currencies like Bitcoin and Ethereum are notorious for their volatile nature and shaky grounds.

To fund for building this new project, they have launched ICO or Initial Coin Offering that encourages people to make donations with funds in exchange for tokens.

These tokens can be later on used as chips for playing at the casino sites. Hence the ICO often encourages a significant take-up where players can get most of the tokens with money before the official launch. However, there are some risks where if the project is not appropriately funded, players can lose their money as a refund would not be possible in this case.

For such a big project, both DeClub and Wild Rich Global are looking forward to raising as high as $1 billion for going ahead with the casino in Macau.

No Guarantees Whatsoever

While it might seem like an ideal situation for the techno-savvy China, people have already started to identify the fly in the ointment. The biggest one is that blockchain gambling is not permitted in Macau.

It is indeed a huge obstacle to get rid of and either both of these companies know something that we are not aware of or the government is going to legalise blockchain gambling in Macau by the time this project is completed.

During the Initial Coin Offering, a “DEC” token was issued by Wild Rich Global to players who gave them the right to host and invest in any cash lending pools. Meanwhile, DeClub is going to offer “NNC” as its own token which will work as a stable coin and can be redeemed to cover for any expenses in the casino.

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