The Cagayan Economic Zone Authority (CEZA) in the Philippines is proposing a major expansion that includes a new casino complex and cryptocurrency zone, according to information presented by local media and cited by casino news outlet GGRAsia. The cryptocurrency zone is to include “blockchain center, cryptocurrency mining farm, fintech start-up incubators and cryptocurrency exchange”. A Taiwanese firm and two major investors are reportedly interested in investing in CEZA’s project to develop a strong tourism cluster.
The ambitious project includes a premier casino complex, hotel and villas, water theme park, golf courses, a horse-riding area and a shopping mall. The project aims at boosting the profitability of the region and giving a strong push forward to the already thriving gambling industry.
In a statement, Raul Lambino, identified as CEZA administrator and chief executive explained that the new project is set to attract more investors. He added that Cagayan is a beautiful place and it has a great potential, which is waiting to be deployed. Last week, the Manila Times newspaper reported that CEZA inked an agreement with Sinosun Subic Bay Holdings Corp. for the development of a tourism zone and a fintech center.
Sinosun chairman Samuel Lim commented that the cryptocurrency mining consumes a lot of power. To solve this problem, Sinosun and its Chinese partner plan a 20-megawatt power station to power cryptocurrency miners. Some time ago, Casino Reports produced an article that illustrates the amount of power, which mining bitcoin requires. Bitcoin network alone consumes more energy than Nigeria.
The Philippines Poised to Regulate Cryptocurrency Technologies
Among all other things, experts claim that CEZA’s ambitious project aims at revitalizing the gambling industry in the region. The move comes only one year after First Cagayan Leisure and Resorts Corp. (the Philippines’ former main online gambling licensing body) had lost nearly half its online gambling licensees after the government assumed greater control of the gambling industry.
Cryptocurrency and blockchain technologies are set to revolutionize the world of online gambling. The industry keeps on evolving and many online gambling operators did not waste any time to embrace cryptocurrency technologies and position themselves at the forefront of the technology adoption. Nevertheless, many experts voiced their concerns regarding the use of cryptocurrency technologies. They explained that the adoption of such digital payment methods would leave the doors wide open for criminals to launder money.
Some time ago, business risk consultant Steve Vickers told the reporters from the media outlet GGRAsia that the cryptocurrency technology pose regulatory risk for casinos in Asia. In addition to that, Mr. Vickers explained that the digital payment methods may thwart Beijing’s anti-corruption efforts. Mere days ago, the Philippine Securities and Exchange Commission has indicated that the regulator is currently developing a framework designed to regulate cryptocurrency transactions.