Online gambling, crypto currency use urged for Jeju casinos

Jeju’s ailing foreigner-only casinos need to be equipped to introduce on line gambling and use technologies such as crypto currencies, according to a speaker at the Jeju International Casino Coverage Forum.

Bong Mi-hee, professor of resort administration at Inha Technical Higher education, gave a presentation at the function, which was held in the Jeju Grand Hyatt final 7 days, suggesting the introduction of on the net casinos, local media claimed.

He also advised the rising use of blockchain all over the world would enable to improve transparency in on the internet functions and empower the movement of cash to be tracked.

South Korea’s foreigner-only casinos have been strike hard owing to the Covid-mandated border closures. Income of the eight casinos on the island dropped extra than 60 p.c in 2020 to 69 billion received.

Speakers at the function also stated the Jeju casino sector wanted to be reorganized, as there are far too a lot of, modest properties.

Professor Search engine optimization Won-seok of Kyunghee University reported in the 2nd Jeju On line casino Company Approach there are designs to overview small business diversification. He stated there demands to be a evaluation of limits on foreigner-only casinos, as nicely as most likely establishing on line casino clusters to improve the competitiveness of the industry.

It’s the next time in two months that the risk of introducing some form of on the net gambling in South Korea has hit the headlines.

In Oct, regional media claimed that the governing administration is contemplating the possible introduction of some kind of distant gaming that would goal overseas VIP clientele to enable the ailing foreigner-only casinos and to guard work opportunities.

New Everyday specified VIP shoppers would be able to enjoy video games remotely as a result of an agent at the casino – a exercise identified as proxy betting.

Lee Sang-heon, a member of the National Assembly Tradition, Athletics and Tourism Committee, and the Democratic Social gathering of Korea, proposed a “Partial Modification to the Tourism Marketing Act” previously this yr to make it possible for “non-confront-to-face” on line casino expert services, the report claimed.

The proposal will come amidst issue about slumping profits at the 17 foreigner-only homes and the resulting decline of employment.

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Vincent Gray

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