Loto-Quebec, the state-owned lottery company in Canada is looking to use cryptocurrency payments in place of fiat currency. This pivot would be a first for any government or business entity and could set an example for other institutions considering adopting crypto as payment methods.
Loto-Québec is looking to introduce crypto payments. The company has been accepting bitcoin since 2014. This will be the first time that they are introducing cryptocurrency payments for gift cards. Read more in detail here: buy gift cards with crypto.
It’s no secret that Loto-Québec is always seeking for ways to improve its services to the province of Quebec and strives to keep up with trends and technology. The Crown corporation said this week that it is now investigating whether allowing cryptocurrency as a means of payment would be a useful addition in the future. However, no specific plans have yet been made.
The Crown agency is now going through a tough time, since its gambling holdings in the province were once again closed down in January. Their suspension was a result of a novel variation of the previously unheard-of circumstance. They want to reopen shortly, but the company’s activities and budget have been harmed by the continual shift in operations.
One for the Long Run
President and CEO Jean-Francois Bergeron said the firm is exploring introducing cryptocurrency payments in the future during a virtual presentation at the Quebec City Chamber of Commerce and Industry, or QCCCI. Mr. Bergeron, on the other hand, said that the Crown is simply studying it and that no specific strategy is in place at this time.
According to the President and CEO, such payments will almost definitely be implemented in the coming years. He claims that cryptocurrency is a lever, and that banks and governments are more interested in it. He also thinks that the use of cryptocurrency in Quebec’s gaming business will be part of a larger shift in the province’s payment system.
Mr. Bergeron went on to say that the payment experience is now part of the thinking of companies that have to engage with consumers, and that they are considering investing a lot of work into it. He also said that the Crown is having difficulty determining how it would control the currencies in the same way that it controls the rest of the currencies.
Due to the exceptional scenario, the Crown agency’s casino sites are now shuttered for the third time. According to Mr. Bergeron, the company’s second reopening went far more smoothly than the first since they knew how to approach and respond. According to him, the closures have harmed employee morale among those who have been laid off.
This Month’s Reopening
The Crown company stated a week ago that casinos may now reopen owing to improvements in health indicators. On February 28, 2022, Casino Montreal, Casino Charlevoix, and Casino Lac-Leamy, as well as the gaming rooms in Trois-Rivières and Quebec City, will reopen. While the Casino de Mont-Tremblant will open a few days later, on March 3, 2022.
Prizes are still available.
Furthermore, Loto-Québec recently informed lottery participants in the province that four million-dollar wins remain unclaimed. The first is a CA$2 million Quebec 49 prize from the Quebec City area; the others are a CA$1 million Lotto Max prize from Outaouais on June 22, 2021, a CA$1 million Extra prize from Eastern Townships on November 5, 2022, and a CA$1 million Lotto 6/49 prize from Montérégie.
CTV News, February 22, 2022, “Loto-Quebec researching methods to enable cryptocurrency payments.”
The “Loto-Québec looking to introduce crypto payments” is a new announcement from the Quebec lottery. The announcement says that they are looking into accepting cryptocurrency for their services. Reference: btc to prepaid card.
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