Lottery Agency in Venezuela Would Pay Prizes in Cryptocurrencies

Lotería del Zulia will allow making the payments of the bet ticket and receiving prizes in Petros or Bitcoins, as it was announced by the governor of said State.

Recently, the Venezuelan Governor of the Zulia State, Omar Prieto, made an announcement at an event at the local mass media, communicating that Lotería del Zulia (Hereinafter, Lottery of Zulia State)Companywas relaunched. During said activity, Prieto announced that now, Petros (the national cryptocurrency) and Bitcoins can be accepted as a payment method for buying said lottery tickets. Also, the prizes with these cryptocurrencies will be claimed as well.

In addition to allowing the use of crypto assets in the sector, Prieto also mentioned that new games of chance will be activated to be in charge of the lottery store. These new games could be played through the website. The governor also added that they are prepared to change the current financial mechanisms to give way to new technologies and, thus, avoid what he mentioned as “economic blockade against the people”.

According to several local media reports, the governor explained that “to overcome the blockade, it is necessary to innovate and create new financial alternatives”.

The new mechanism of payment and payment in cryptocurrencies for the lottery of that town is accompanied by the launch of updated and digital versions of gambling that were previously popular in the state, such as betting chips with animals, the so-called “Triple Zamorano” and “Triple Zulia”.

Need for Printed Tickets

In spite of this new digital modality, there is a great confusion since, for the lottery in the South American country, the laws specify that the lottery tickets must be printed to be valid in the territory.

Therefore, online bets do not appear to be contemplated in the law, since for the collection of the prize, participants must have a physical ticket that validates their participation in the draw.

About the online modality, it was known through a press conference made to local media that the association with is a novel measure that will allow citizens to access more than 68 games of chance on the web, including gambling live, something that will allow users to place certain bets in real-time.

Despite this association with the Zulia Lottery, it was not clear if this portal web will accept bets with cryptocurrencies or receive payments with Petros or Bitcoins.

This measure conducted by the local government is anchored to a series of movements supported by the national government to promote the use and flow of its official cryptocurrency (Petro) and improve financial alternatives.

Among other actions used by the government to support the use of Petro is to incorporate it into the flow of financial operations within the national bank. This measure was taken after the proposal made by the Superintendence of Cryptoactive and Related Activities (SUNACRIP) to the Superintendence of Banking Sector Institutions (SUDEBAN).

In this sense, SUDEBAN said that an association between exchange houses and financial institutions is necessary to attract potential clients and; thus, define other measures that authorize the installation of points of sale for cryptocurrencies in commercial establishments.

By María Rodríguez