PRESS RELEASE. Byte Federal, a leading company in the global financial technologies space, is proud to announce the official launch of its point of sale (POS) system, ByteConnect. This product launch marks a significant expansion of Byte Federal’s “fintech focused” services, showcasing a commitment to building a full suite of financial tools for economic freedom. […]
Bitcoin News
Report: Japan’s E-Commerce Giant Mercari to Accept BTC Payments
Starting in June, users of Mercari, one of Japan’s biggest e-commerce platforms, will be able to pay for products using bitcoin. Users of the platform will also be able to use proceeds from sales to buy and sell bitcoin.
Mercari Set to Continue Displaying Yen Prices
One of Japan’s biggest online marketplaces, Mercari, has announced that soon its customers will be able to make payments using Bitcoin (BTC). Although Mercari is expected to continue displaying prices in yen, starting in June, its customers will be able to select the crypto asset when making payments.
According to a Nikkei report, Melcoin, a subsidiary of the online commerce giant, is set to process all payments made via BTC. This means vendors will only receive their payments in the form of yen. In addition, users will be able to buy and sell BTC using proceeds from online sales.
Mercari’s pivot to BTC payments comes almost a year after it launched a BTC trading service and more than three months after it reportedly hit the 1 million users milestone. The milestone was achieved as Mercari confirmed that some 80% of its crypto users had no previous crypto trading experience.
Despite being the new kid on the block, Mercari’s BTC trading service is already viewed more favorably by Japanese users than its rival Rakuten. As the findings of a study conducted by Mobile Marketing Data Labo show, 24.7% of the respondents who began using crypto in 2023 said they prefer using Mercari, compared to Rakuten’s 24.2%.
Meanwhile, some have described Mercari’s BTC trading service as a major blow to centralized crypto exchanges like Bitflyer, which has seen its share of the market drop to 11.3%.
What are your thoughts on this story? Let us know what you think in the comments section below.
How To Accept Crypto Payments And Who Accepts Bitcoins?
Accepting crypto payments may sound daunting, but with the right tools and knowledge, it’s a game-changer for businesses. This article simplifies the process, from understanding the basics of crypto payments to seamlessly integrating them into your business operations. We’ll explore how to accept crypto payments, the most effective cryptocurrencies for transactions, highlight businesses leading the charge which accept Bitcoins as payments, and unveil the advantages of adopting this futuristic payment method.
Crypto Payments For Businesses Explained
For businesses, adopting crypto payments is not just a nod to modernity; it’s a strategic move towards cost-efficiency and broader market access. One of the most significant advantages of crypto payments is the substantial savings on fees typically imposed by centralized point-of-sale (POS) service providers and credit card companies like Visa and Mastercard.
Cryptocurrencies operate on decentralized networks, which means transactions do not require intermediaries. This absence of middlemen significantly reduces transaction costs, a benefit that can be particularly impactful for businesses with high sales volumes or those dealing with international transactions, where traditional fees can accumulate quickly.
Moreover, crypto payments provide an alternative to the delay often associated with bank processing times. Transactions can be completed at a much faster rate, enhancing the cash flow for businesses. This speed, coupled with the reduced cost, presents a compelling case for businesses to integrate crypto payment options.
Another crucial aspect is the security and fraud prevention inherent in blockchain technology, the foundation of cryptocurrencies. The encrypted and immutable nature of blockchain transactions adds a layer of security that is challenging to achieve with traditional payment methods.
By accepting crypto payments, businesses not only align themselves with a tech-savvy consumer base but also leverage a global payment system devoid of geographical boundaries and currency conversion issues. This global reach can be particularly beneficial for online businesses looking to expand their market.
Providers Of Crypto Payment Systems
Crypto payment gateways are essential for businesses looking to accept cryptocurrency transactions. These platforms provide the necessary infrastructure, such as point-of-sale (POS) systems and shopping cart integrations, for seamless crypto transactions. They also offer additional conveniences like protecting merchants from the volatility inherent in cryptocurrencies and facilitating currency conversions and invoicing.
Each of these gateways has its unique strengths, catering to different business needs and preferences. Choosing the right provider depends on factors like the range of cryptocurrencies you wish to accept, the ease of integration with your existing systems, the level of exposure to crypto volatility you’re comfortable with, and the specific features you need to streamline your crypto transactions.
Coinbase Commerce
Known for its easy integration with major US cryptocurrency exchanges, Coinbase Commerce offers a flexible solution for businesses. It provides custom checkouts, a connection to the Coinbase crypto exchange, crypto wallets, invoicing, refunding, reporting tools, and an API for developers. Importantly, it offers volatility shielding under its managed plan. Coinbase Commerce supports a range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and others, with a transaction fee of 1%.
BitPay
One of the early entrants in the crypto payments sector, BitPay is known for its robust infrastructure and integration capabilities. It provides volatility protection, invoicing, mass payouts, and the option for a prepaid Mastercard. BitPay supports multiple cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. It charges a transaction fee of 1% + .25, which may be higher for certain high-risk industries.
CoinGate
Particularly suitable for companies outside the US, CoinGate supports an impressive array of over 70 cryptocurrencies. It integrates well with various eCommerce platforms and offers features like crypto conversions, invoicing, and a developer sandbox. CoinGate’s transaction fee is 1%, with additional charges for settlements in fiat currencies like the Euro.
NOWPayments
This gateway stands out for its low transaction fees, starting at 0.5%, and supporting a wide range of over 70 cryptocurrencies. NOWPayments is ideal for businesses looking for straightforward solutions without custodial features. It offers services like cryptocurrency conversions, fiat settlement options, invoicing, mass payouts, and POS software. The platform’s pricing model is attractive, although additional costs for services like fiat settlement and volatility shielding can add up.
AlfaCoins
AlfaCoins distinguishes itself with flexible payment options and competitive fees. It supports a more limited range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. The transaction fee is slightly lower than its competitors at 0.99%, and it offers unique features like the CoinSplit option, which allows for partial payments in different currencies. AlfaCoins is particularly advantageous for non-profit organizations, offering lower fees for donations and even zero-fee plans.
Strike
Strike stands out as a unique player in the realm of crypto payments, primarily leveraging the Bitcoin Lightning Network. The Lightning Network is a layer 2 payment protocol layered on top of the Bitcoin blockchain, designed to facilitate faster and more cost-effective transactions. This is particularly beneficial for handling microtransactions, which are impractical with traditional Bitcoin payments due to higher fees and longer processing times.
Setting Up Crypto Payment Systems
Integrating a crypto payment system into your business involves several key steps to ensure a smooth and secure transaction process. Here’s a guide to getting started:
- Choose A Crypto Payment Gateway: Select a provider that aligns with your business needs. Popular options include Coinbase Commerce, BitPay, CoinGate, NOWPayments, AlfaCoins, and Strike via the Bitcoin Lightning Network.
- Create A Merchant Account: Once you’ve chosen a provider, you’ll need to create a merchant account on their platform. This typically involves providing business details, setting up security measures, and linking bank accounts for fiat settlements if needed.
- Integration With Your Business Platform: Integrate the crypto payment gateway with your existing business infrastructure. This could be through plugins or APIs.
- Set Up A Digital Wallet: To receive and store cryptocurrency payments, you’ll need a digital wallet. Some gateways offer their own wallets, while others may require you to set up an external wallet.
- Configure Payment Options: Configure your payment gateway settings according to your preferences.
- Implement Security Measures: Ensure that robust security measures are in place to protect against fraud and hacking.
- Educate Your Team: Educate your staff about how crypto payments work, how to process them, and how to troubleshoot common issues.
- Testing: Before going live, thoroughly test the crypto payment system to ensure that it works seamlessly.
- Launch And Marketing: Once testing is complete, launch the crypto payment system. Use marketing strategies to inform your customers, highlighting the benefits.
Best Crypto For Payments
Selecting the best cryptocurrency for business transactions is crucial for ensuring efficiency, security, and customer satisfaction. Here are some of the best cryptos for payments:
- Bitcoin (BTC): As the first and most well-known cryptocurrency, Bitcoin is widely accepted. However, its transaction times and fees can be higher compared to other cryptocurrencies, when not choosing a Lightning Network based solution.
- Ethereum (ETH): Known for its flexibility and the support of smart contracts, Ethereum is a popular choice for businesses. It’s particularly suitable for businesses involved in digital services and products. However, fees can be quite high on the base layer as well.
- Litecoin (LTC): Often considered as the silver to Bitcoin’s gold, Litecoin offers faster transaction times and lower fees.
- Stablecoins (USDT, USDC, DAI): Pegged to stable assets like the US dollar, stablecoins offer the benefits of cryptocurrency without the volatility. This makes them ideal for businesses concerned about the fluctuating value of other cryptocurrencies.
- XRP: Known for its low cost and fast transaction times, XRP is becoming a preferred choice for international transactions and businesses with a global customer base.
- Dogecoin (DOGE): Initially started as a joke, Dogecoin has gained popularity and is now used by some businesses, especially in the retail and entertainment sectors.
When selecting the best cryptocurrency for payments, consider factors like transaction speed, fees, market acceptance. It’s also important to decide if you want to keep Bitcoin or crypto on your company’s balance sheet. Then, Bitcoin is probably the less riskiest bet as “digital gold.”
Who Accepts Bitcoins As Payment?
Bitcoin’s acceptance as a payment method has seen a significant rise, with a diverse range of companies integrating it into their payment options.
Businesses That Accept Crypto
Below is a list of some notable companies that accept Bitcoin:
Tech Companies
- Microsoft: Allows Bitcoin for Microsoft account top-ups.
- AT&T: First major U.S. mobile carrier accepting crypto through BitPay.
- Namecheap: Bitcoin payment for domain management and registration.
- The Internet Archive: Accepts Bitcoin donations.
- ExpressVPN: Bitcoin payments accepted via Bitpay.
- DishNetwork: Subscription payments with Bitcoin and Bitcoin Cash.
- Grooveshark: Bitcoin payments via Stripe.
- SEOclerks.com: Accepts Bitcoin for its SEO-focused job marketplace.
- Substack: Pay newsletters in Bitcoin.
- WordPress.com: Bitcoin payments through Bitpay.
- Tesla: The electric car giant briefly accepted Bitcoin, but still accepts Dogecoin.
Fintech Companies
- Paypal: Buy, sell, and hold cryptocurrencies.
- Intuit Quickbooks: Accepts Bitcoin.
- Mint.com: Tracks Bitcoin since 2015.
- Coinfuel: Gas Gift Cards with Bitcoin.
- ForexTime (FXTM): Cryptocurrency trading.
- AvaTrade: Cryptocurrency trading options.
- FBS: Foreign exchange trading with cryptocurrencies.
- eToro: Cryptocurrencies on a traditional trading platform.
- Ecommerce Companies
- NewEgg: Hardware and electronic gadgets.
- Shopify: Thousands of merchants accepting Bitcoin.
- eGifter and Gyft: Buy gift cards with Bitcoin.
- BitPlaza: Wide range of products.
- Etsy: Merchants can accept crypto.
- Fancy.com: Global shopping site.
Gaming and Entertainment Companies
- Twitch: Streaming platform accepts Bitcoin and Litecoin
- BigFishGames.com: Casual games creator.
- HumbleBundle: Games, ebooks, software.
- Xbox: Subscriptions with Bitcoin.
- Zynga: Social gaming platform.
- Movietickets.com: Online movie ticketing.
- Lionsgate films: Hollywood studio.
- AMC Theaters: Movie tickets with Bitcoin.
Food Companies
- Subway: Some locations accept Bitcoin.
- Burger King: Germany and Venezuela.
- KFC: Special Bitcoin bucket deal.
- The Pink Cow – Japan: Bitcoin ATM.
- Pemburry Tavern: Britain’s first Bitcoin pub.
- Old Fitzroy: Sydney pub.
- Bitcoin Coffee: Prague cafe.
- Dominoes In The Netherlands: Employee payments.
- WholeFoods: Via Spedn app.
- Coupa Cafe: Silicon Valley early adopter.
- JustEat: In some countries via BitPay.
Travel Companies
- CheapAir: Flights and hotels.
- Travala.com: Hotels, flights, activities.
- More Stamps Global: Flights, hotels, travel services.
- BTCTrip: Bitcoin-supported flights.
- Webjet: Australian online travel agency.
- Alternative Airlines: BTC Travel and vacations.
- Peach Aviation: Japanese carrier accepting BTC.
- Virgin Galactic: Space flight venture.
- Expedia: Airline tickets with Bitcoin.
Jewelers And Precious Metal Companies
- REEDS Jewelers: Luxury watches and jewelry.
- Vaultoro: Precious metals and Bitcoin.
- Menlo Park: High-end jewelry.
- Luxe Watches: Luxury brand watches.
- Saving Pearls: Handmade jewelry shop.
- American Bullion: Gold investor company.
- SchiffGold: Precious metals.
Other Companies Who Accept Bitcoin As Payment
- Wikipedia: Open encyclopedia accepting Bitcoin donations.
- SavetheChildren: Nonprofit accepting cryptocurrency.
- European School of Management and Technology Berlin: Education institute.
- University of Cumbria: UK university.
- Juliette Interiors: Luxury UK-based furniture retailer.
- Mobler Design: Furniture company.
- Red Cross: Nonprofit accepting Bitcoin.
- UnitedWay: Community of nonprofits.
- BitGive: First Bitcoin nonprofit.
- McLaughlin & Stern: Law firm.
- Central Texas Gunworks: Firearms dealer.
- Inguard: Insurance company.
- Managego: Platform for rent payment with Bitcoin.
- Dallas Mavericks: Accepts Bitcoin as a payment method for game tickets and merchandise, processed through BitPay.
Bitcoins As Payment: Using The Lightning Network
The Lightning Network represents a significant advancement in the use of Bitcoin as a payment method. It’s a “layer 2” payment protocol layered on top of the Bitcoin blockchain, designed to enable faster and more cost-efficient transactions.
This is particularly beneficial for microtransactions, which can be impractical on the main Bitcoin network due to higher fees and longer processing times. Key features include:
- Speed: Transactions are almost instantaneous, drastically reducing waiting times.
- Reduced Fees: Much lower than traditional Bitcoin transactions, making it economical for small purchases.
- Scalability: Can handle a massive volume of transactions, which the main Bitcoin network might struggle with.
- Enhanced User Experience: Provides a smoother and more efficient transaction process, ideal for everyday purchases.
- Increased Adoption: Its efficiency makes Bitcoin more practical for mainstream use, encouraging wider adoption.
Businesses using the Lightning Network can offer customers a quick and low-cost way to pay with Bitcoin, making it an attractive option for both small-scale and large transactions. This technology is particularly appealing for online businesses and retailers, where speed and efficiency are crucial.
Advantages Of Crypto Transactions
Crypto transactions, particularly at the point-of-sale (POS), present several advantages over traditional methods like Visa, Mastercard, or other payment service providers. The decentralized nature of cryptocurrencies means lower transaction fees, as there are no intermediary institutions such as banks or credit card networks charging for their services. This can result in substantial savings for businesses, especially those with high transaction volumes.
Moreover, crypto transactions often process faster than conventional methods, a significant advantage for both merchants and customers. They enhance security, leveraging blockchain technology’s inherent encryption and immutability, which minimizes fraud risks. Unlike traditional payment methods, cryptocurrencies are not bound by national borders or subject to the same regulatory constraints, offering a more seamless experience for international transactions.
Additionally, accepting cryptocurrencies can enhance a business’s market appeal, especially to tech-savvy customers who prefer using digital currencies. By adopting crypto payments, businesses position themselves as forward-thinking and adaptable to emerging financial technologies.
FAQs On Crypto Payments
How To Accept Bitcoin As Payment?
To accept Bitcoin as payment, businesses need to set up a digital wallet and choose a payment gateway like Coinbase Commerce or BitPay. Integration with existing POS systems or online platforms is typically required, followed by configuring the payment settings to accept Bitcoin.
Who Takes Bitcoin As Payment?
Numerous businesses, including tech companies like Microsoft, retailers like Overstock, and various food outlets and travel companies, accept Bitcoin. The acceptance is growing, encompassing a wide range of industries.
How To Accept Crypto Payments?
Accepting crypto payments involves selecting a crypto payment processor, setting up a cryptocurrency wallet, integrating the payment system into your business infrastructure, and deciding on the cryptocurrencies you wish to accept.
Who Accepts Bitcoins As Payment?
Businesses across different sectors accept Bitcoin. This includes tech companies like Microsoft, AT&T, various eCommerce platforms, and service providers like ExpressVPN.
Who Accepts Bitcoin As Payment?
Numerous renowned companies across various sectors accept Bitcoin as a form of payment. These include major tech companies like Microsoft and AT&T, eCommerce giants like Overstock, and notable travel companies such as Expedia and Virgin Galactic. The list also features entertainment and food service providers like AMC Theaters and Subway.
How To Accept Crypto Payments As A Business?
Businesses can accept crypto payments by choosing a suitable crypto payment gateway, integrating it with their sales system, setting up a crypto wallet, and educating their staff about handling crypto transactions.
What Are The Best Cryptos For Payments?
The best cryptocurrencies for payments include Bitcoin, Ethereum, Litecoin, XRP and stablecoins like USDT and USDC due to their wide acceptance, relative stability, and lower transaction fees compared to traditional payment methods.
Top 5 Best Online Casinos That Accept Cryptocurrencies in 2023 by VAVE Partners
Written by VAVE Partners.
Online casinos have always been at the forefront of technological innovation, constantly finding ways to offer better user experiences and more convenient transaction methods. In recent years, one of the most significant advancements among online casino sites has become the acceptance of cryptocurrencies as a payment option.
The adoption of cryptocurrencies marks a pivotal shift in the online casino industry. Unlike traditional banking systems, which can be slow and often come with hefty fees, cryptocurrency transactions eliminate intermediaries and the associated costs. That, in return, increases transparency.
Let’s look into the top 5 best online casinos that accept cryptocurrencies in 2023.
Top 5 Cryptocurrency Online Casino Sites
Several notable cryptocurrency casinos stand out in the dynamic world of online gambling by providing exceptional gaming experiences, seamless transactions, and enhanced security. The following platforms garnered significant attention and popularity:
- Vave: This is a 100% crypto-based gambling platform with lucrative cashback bonuses of up to 1 BTC.
- 20Bet Casino: Your guide to the world of sports betting and casino games with the possibility of using cryptocurrency.
- HellSpin: With its hellish design, this platform opens up the world of fun gambling for crypto fans.
- Bizzo Casino: Every spin at Bizzo Casino brings a dash of excitement, especially for crypto-enthusiasts.
- National Casino: Try out your luck at one of the best crypto online casinos with a magical array of games.
Each of these casinos has its own distinct characteristics, ranging from extensive game libraries to innovative reward systems. That solidifies their positions as premier platforms for cryptocurrency-based gambling.
One-of-a-Kind Vave Online Platform
Vave is a relatively new casino but probably, one of the best crypto-based platforms in the industry. We’re not saying this just because the website looks cool (it does) but because it’s a top-tier gambling platform with many benefits. Vave has the casino and bookmaker sections, so it kind of covers a wide audience.
With its modern design, intuitive user interface, and emphasis on crypto transactions, Vave appeals to both professional gamblers and newcomers starting in the crypto-gaming world. But what exactly makes it stand out from the crowd? Let’s look into the pros and cons of the platform.
Pros and Cons
- Fast and smooth cryptocurrency transactions.
- Live casino games.
- Vast and diverse game library.
- Excellent customer support.
- Generous promotional offers,
- Buy cryptocurrency right on the platform without needing a separate crypto wallet.
- Potential geo-restrictions for certain regions.
Game Library
Vave Casino has an incredible game library that has quickly captured the attention of online gaming enthusiasts worldwide. Seamlessly combining classic casino favorites with innovative new games, Vave offers players a diverse range of options, from traditional slot machines and table games to cutting-edge live casino experiences.
Partnering with the best game developers, Vave ensures high-quality visuals, engaging gameplay, and fair RNG mechanisms. Its intuitive interface, coupled with carefully selected hottest games, makes Vave Casino a must-visit platform.
Some of the most popular slots at Vave are:
- Chillies in Red by Fugaso,
- It’s a Joker by Felix Gaming,
- Full Moon Magic by Belatra,
- Starburst by NetEnt,
- Aztec Fire by 3 Oaks.
Promotional Offers
Promotions and bonuses are an integral part of the Vave experience. New players can enjoy a generous welcome bonus, and regular players – weekly promotions, loyalty programs, and more. These offers not only enhance the gaming experience but also provide added value for the player’s deposits. Here are the bonuses for sports and casino sections at Vave.
It is worth noting that there’s also a VIP section for gamblers and sports enthusiasts. The casino program consists of 18 tiers, with the ultimate prize of 100,000 USDT. The sports VIP program has only 7 levels. You can win 250,000 VPs and convert them into free bets.
Payment Options
As a dedicated cryptocurrency casino, Vave offers a range of crypto payment options. From Bitcoin and Ethereum to lesser-known altcoins, players can choose their preferred method of deposits and withdrawals. Transactions are swift, secure, and with minimal fees, reflecting the advantages of crypto-based platforms.
Vave offers the following cryptocurrencies as banking options:
Customer Support
The backbone of any successful online casino is its customer support, and Vave does not disappoint. With a responsive team available 24/7 via live chat and email, players can sort out their questions or issues quite fast. The support staff is knowledgeable and friendly, ensuring that everything is resolved efficiently.
You can reach out using the following methods:
- Live Chat,
- Email: support@vave,
- Or you can fill out the form on the website.
Conclusion
Vave Casino has pretty much taken over the crown as a leader in the cryptocurrency gaming industry. Its focus on delivering a fun and entertaining gaming experience, combined with the advantages of crypto-transactions, makes it a top choice for many.
While there are areas of improvement, like with any other platform, the overall offering is compelling. For those who want to merge their passion for gambling with the world of digital currencies, Vave Casino is undoubtedly a great option. Online gambling has never been more fun!
20Bet Casino: Online Gambling Excellence
20Bet Casino is a big deal in the online gaming scene, serving up a mix of fun and chances to win. With an impressive assortment of games from leading developers, it’s won over many a player’s heart. 20Bet ensures a premium gaming experience, making it a preferred choice for many players in the gambling community.
Moreover, 20Bet is keeping up with the times by embracing cryptocurrency transactions. This move demonstrates their adaptability and willingness to align with modern trends.
Pros and Cons
- Extensive game selection catering to various preferences.
- They offer both sports betting and casino games.
- A wide array of payment methods, including cryptocurrencies.
- Mobile-friendly design and interface.
- Wagering requirements on some bonuses can be high,
- Depending on your location, some bonuses might be unavailable.
Game Library
20Bet’s game library is nothing short of impressive. Partnering with numerous top-tier game providers, the casino offers everything from the latest slot games to classic table games and a live dealer section. The inclusion of sports betting is a notable feature, allowing players to switch between casino games and sports wagering effortlessly.
These are some of the most played games at 20Bet:
- Book of Rampage by Spinomenal,
- Aloha King Elvis by BGaming,
- Book of Plutus by Fugaso,
- Book of Tribes by Spinomenal,
- Fish and Cash by Popiplay.
Promotional Offers
20Bet Casino is generous with its promotions. Newcomers are welcomed with a great bonus to kickstart their gaming journey. Regular players have access to plenty of ongoing promotions, tournaments, and a VIP program that offers pretty cool rewards as players climb the tiers.
Payment Options
The casino prides itself on offering a vast range of payment methods. From traditional bank transfers and e-wallets to multiple cryptocurrencies, players have plenty of options for both deposits and withdrawals. The transaction process is smooth, emphasizing security and swift transfer times. These are the most used crypto methods at 20Bet:
Customer Support
A dedicated customer support team is the heart of 20Bet Casino. Available around the clock, the team can be reached via live chat, email, or a dedicated contact form on their website. Their quick response time and commitment to resolving issues have earned them a stellar reputation among players.
If you want to contact the support team, you can use the following methods:
- Live Chat,
- Email: support@20bet.com,
- or you can fill out the form on the website.
Conclusion
All things considered, 20Bet Casino offers a well-rounded gaming experience. Its expansive game library, combined with a myriad of payment options, makes it a go-to gambling platform for many. Overall, the platform gets a good recommendation from us. For those seeking a reliable, diverse, and engaging online casino, 20Bet might be just what you need.
HellSpin Casino: Deadly Entertaining
HellSpin Casino, with its intriguing name and fiery aesthetic, has blazed a trail in the online gambling scene. The platform has quickly gained traction among gaming enthusiasts for its modern interface, rich gaming library, and commitment to player satisfaction. As the casino’s name suggests, it does not disappoint those seeking fun gaming experiences.
Pros and Cons
- Accepts 5 cryptocurrencies as a payment method.
- Vibrant and user-friendly interface designed for immersive gameplay.
- A diverse selection of games from renowned software providers.
- Competitive promotional offers tailored for both new and existing players.
- Robust security protocols ensure safe transactions and gameplay.
- The platform might be overwhelming for first-time online casino users.
Game Library: Play Online Casino Games at HellSpin
The game library at HellSpin is actually quite impressive, blending timeless classics with the latest and most innovative titles in the industry. From slots to strategic table games and immersive live dealer experiences, the platform ensures players find something they want.
Collaborating with some of the best game developers in the market, the casino guarantees top-tier graphics, seamless gameplay, and fair outcomes. HellSpin Casino’s game library is a testament to its dedication to delivering unparalleled entertainment to its members. Try out these top 5 hit online slots games at HellSpin:
- Gates of Olympus by Pragmatic Play,
- Hellvis Wild by Pragmatic Play,
- Elvis Frog in Vegas by BGaming,
- Panda’s Wealth by BGaming,
- Sugar Rush by Pragmatic Play.
Promotional Offers
In the competitive world of online casinos, HellSpin manages to stand out with its enticing promotional offers. New players are welcomed with a great welcome bonus, while regular players can take advantage of reload bonuses, free spins, and tournament participation. Let’s have a closer look at the bonuses at HellSpin.
There’s also quite an amazing VIP club offer that consists of 12 levels. By reaching the ultimate 12th level, you can win a substantial amount of points that you can convert into Hell Points. These Hell Points can be exchanged for bonus money.
Payment Options
Diverse payment options are a hallmark of HellSpin. Catering to both traditional and cryptocurrency players, the casino accepts a range of payment methods, from credit/debit cards to e-wallets and popular cryptocurrencies. Transactions are processed swiftly, with a focus on maintaining the utmost security for players’ funds. Here’s the list of crypto banking methods at HellSpin:
Customer Support
HellSpin’s commitment to player satisfaction is evident in its dedicated customer support. Available 24/7, players can reach out via live chat, email, or contact form on the website. With a team that’s both responsive and knowledgeable, players can expect timely resolutions to any issues or queries. You can use the following emails to contact the support team:
- Customer Support: support@hellspin.com
- Complaints: complaints@hellspin.com
Conclusion
In the grand scheme of online casinos, HellSpin emerges as a refreshing and exciting platform. Its combination of an extensive game library, various payment options, and consistent player support makes it a top choice for many. While there are areas where the casino can further improve, its current offerings make it a worthy option in the online gaming arena.
National Casino: The Hall of Fame Welcomes You
National Casino is the digital embodiment of excellence in the realm of virtual gaming and entertainment. The platform welcomes everyone who wants to experience high-class gaming.
Offering a vast selection of table games, innovative slot machines, and live dealer interactions, National Casino sets the gold standard for online gaming. Seamlessly blending the appeal of traditional casino excitement with modern technology, it provides players with a dynamic and immersive gaming environment.
Pros and Cons
- Crypto-friendly in terms of banking methods.
- Comprehensive game collection catering to all types of players.
- Regularly updated promotional offers to enhance player experience.
- Mobile-optimized design for gaming on the go.
- Regional restrictions may limit access for players from certain countries.
- The platform’s user interface might seem cluttered.
Game Library
The National Casino gaming library is a treasure trove for gaming enthusiasts, offering an expansive collection that caters to all preferences. From classic table games like blackjack, roulette, and poker to many innovative slot machines infused with cool visuals and interactive features, the library leaves no stone unturned. Not to mention their live dealer games, which transport players straight to the heart of the casino action with real-time streaming and professional croupiers.
Continuously updated with the latest releases from top gaming providers, the National Casino ensures its gaming library remains at the forefront of the casino entertainment world. Here are some of the popular online slots on the platform:
- Alchemist Bonanza by BGaming,
- Gonzo’s Quest by NetEnt,
- Sizzling Egss by Wazdan,
- The Mighty Toro by Booming Games,
- Book of Plutus by Fugaso.
Promotional Offers
National Casino is definitely treating its players nicely. New members are treated to a generous welcome package while existing players can benefit from weekly reload bonuses, free spins, and exclusive VIP rewards. The casino frequently hosts tournaments, allowing players to compete and win substantial prizes. Let’s take a closer look at the bonus system.
Let’s not forget the VIP program. It consists of 15 tiers, with the ultimate prize of 100,000 EUR. Of course, it will take time and effort to reach that point, but nothing is impossible with National Casino.
Payment Options
Recognizing the diverse needs of its global audience, National Casino provides many payment methods. From traditional credit and debit cards to e-wallets and a selection of cryptocurrencies, the platform ensures that transactions are both flexible and secure. Withdrawals are processed promptly, and here are the accepted cryptocurrency methods:
Customer Support
Support is a crucial pillar of any successful online casino, and National Casino excels. Players can reach out to a dedicated support team around the clock through live chat, email, or a contact form on the website. The support staff is trained to address queries efficiently, ensuring minimal downtime for players. You can use the following emails to reach out to the team:
- Customer Support: support@nationalcasino.com
- Complaints: complaints@nationalcasino.com
Conclusion
National Casino, with its robust game selection, diverse payment options, and dedicated customer support, solidifies its position as a reliable platform for online gaming enthusiasts. The overall player experience is overwhelmingly positive, especially in terms of crypto transactions. For those in search of a fun and entertaining online casino platform, National Casino is a compelling choice.
Bizzo Casino Premium Platform
Distinguished by its dynamic approach to online gaming, Bizzo Casino is a fusion of innovation, variety, and player-oriented services. The platform caters to players from all corners of the globe and offers a diverse range of casino games. From classic slots to modern table games, all are designed to provide endless entertainment.
Ensuring safe and secure gameplay, the platform employs state-of-the-art encryption technologies and promotes responsible gaming. Whether you’re a newbie looking for some casual fun or a pro gamer hunting for big jackpots, Bizzo Casino is what you need. Let’s look into the casino in more detail.
Pros and Cons
- Accepts major cryptocurrencies as a payment method.
- Quick and transparent transaction processes.
- Modern and intuitive user interface, ensuring a seamless gaming experience.
- Great customer support.
- Potential unavailability in certain jurisdictions due to licensing.
Game Library
The Bizzo Casino game library is a cave of wonders, offering a vast collection of different games.
Slots: The casino offers an extensive range of slot games. Some of the most popular online slots include:
- Sugar Land by Felix Gaming,
- Anubis Treasure BGaming,
- 16 Coins by Wazdan,
- Bone Bonanza BGaming,
- Wild Cash Dice by BGaming.
Table Games: No casino would be complete without table games. At Bizzo, players can find a variety of blackjack, roulette, baccarat, and poker variants. Whether you’re a fan of European Roulette or Texas Hold’em, there’s something for everyone. Play table games and enjoy the fun!
Live Casino: Bizzo’s live casino is a standout feature, offering players the chance to engage with real-life dealers and experience the excitement of a brick-and-mortar casino from the comfort of their homes. The immersive experience, complemented by high-definition streams and interactive features, makes for a gaming session like no other.
Promotional Offers
Generosity is one of Bizzo Casino’s standout traits. New players are greeted with an attractive welcome package, setting the stage for an engaging journey ahead. Regular promotions, loyalty rewards, and periodic tournaments keep the excitement levels soaring, ensuring players receive value at every turn.
Once you sign up at Bizzo Casino, you are automatically enrolled in the VIP program. It consists of 30 levels, with a prize of 150,000 EUR.
Payment Options
Understanding the importance of flexibility, Bizzo Casino offers a wide range of payment methods. Players can choose from traditional options like credit/debit cards and bank transfers or opt for modern methods like e-wallets and cryptocurrencies. Each transaction is encrypted, prioritizing security and peace of mind for players. These are the cryptocurrencies accepted at Bizzo Casino:
Customer Support
At Bizzo Casino, players are never alone in their journey. A stellar customer support team is available 24/7. You can reach them via live chat, email, or a contact form. The team’s dedication to swift and effective resolutions ensures players can focus on what they love most – the games. In case you want to write them an email, use the following addresses:
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Conclusion
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FAQ
What Is a Crypto Casino?
A crypto casino is a platform that accepts cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin, as a method of deposit and withdrawal. These casinos often use blockchain technology, ensuring transparency and security in transactions.
These casinos have become increasingly popular with the rise in popularity in recent years. Here are some of their key features:
- Cryptocurrency Transactions: This means players can deposit their crypto coins or tokens directly into their casino wallet, gamble with them, and then withdraw any potential winnings back to their personal crypto wallets.
- Privacy and Anonymity: One of the main attractions of using cryptocurrencies is the enhanced privacy they offer.
- Fast and Low-Cost Transactions: Traditional online casinos often involve banks or other third-party payment processors, which might incur fees or delays. Crypto transactions, being peer-to-peer, are usually faster and can have lower fees.
Are Crypto Casinos Legal?
The legality of crypto casinos varies by jurisdiction. In some countries, online gambling is fully legal and regulated, and this extends to crypto casinos. However, in other regions, online gambling or the use of cryptocurrencies may be restricted. Always check local regulations before participating. Here are some general considerations about the legal status of crypto casinos:
- Jurisdiction-Specific Regulations: Just as with traditional online casinos, the legality of crypto casinos depends on the regulations of a specific country, state, or region. Some countries have clear regulations on online gambling, including the use of cryptocurrencies, while others have gray areas.
- Regulation of Cryptocurrencies: Countries that allow gambling might still have regulations or restrictions regarding using cryptocurrencies for such purposes. For example, while a country may allow gambling, it might have laws in place that make it illegal to conduct transactions in cryptocurrencies, which would make a crypto casino illegal.
- Licensing: Even in regions where crypto casinos are allowed, they need to have a license to operate legally. Playing at an unlicensed site can bring a lot of risks.
How Do I Deposit Funds into a Crypto Casino?
Depositing funds into a crypto casino generally involves transferring cryptocurrency from your personal wallet to the casino’s wallet. Here’s a step-by-step guide on how to do it:
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- Choose a Reputable Crypto Casino: Before anything else, ensure that you’re choosing a platform from the pool of trustworthy online casinos. Read reviews, check for licensing information, and make sure the platform uses secure technology.
- Create an Account: If you haven’t already, register an account with the crypto casino.
- Access the Deposit Section: Log in to your casino account and go to the deposit section.
- Select Cryptocurrency: Crypto casinos may support multiple cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and others. Choose the cryptocurrency you wish to deposit.
- Get the Deposit Address: Once you select the cryptocurrency, the casino will provide you with a unique wallet address. This address is where you’ll send your funds.
- Copy the Address: Ensure you copy the address correctly. Double-check it to avoid sending your funds to the wrong address. Remember, cryptocurrency transactions are irreversible.
- Make the Transfer.
- Wait for Confirmation: After initiating the transfer, wait for the necessary number of confirmations on the blockchain. Once the transaction is confirmed, the funds will be reflected in your casino account.
Remember, the specific steps might vary slightly depending on the casino platform and the wallet or exchange you’re using. Always refer to the guidance provided by both the casino and your wallet provider.
Are Crypto Casino Games Fair?
Most crypto casinos use provably fair systems, ensuring that the game outcomes are random and cannot be tampered with. Reputable casinos often have their RNGs tested and certified for fairness by independent third-party auditors, like eCOGRA or iTech Labs.
To avoid any unpleasant surprises, always opt for licensed and regulated platforms. Such casinos often seek licenses from established gaming authorities, like the Malta Gaming Authority, UK Gambling Commission, or Curacao eGaming. These licenses often require platforms to demonstrate game fairness.
Can I Play All the Usual Casino Games with Cryptocurrency?
Yes, you can play most of the usual casino games using cryptocurrency. The offerings of each crypto casino may vary, but many of the popular games found in traditional online casinos are also available in crypto casinos.
When considering playing at a crypto casino, it’s essential to do your due diligence. Check for licensing, reviews, game providers, and the terms and conditions of the platform. Not all crypto casinos are created equal, and the quality, fairness, and overall gaming experience can vary significantly between platforms.
What Are the Benefits of Using a Crypto Casino over a Traditional Online Casino?
Crypto casinos offer several benefits compared to traditional online casinos, although they also come with their own set of challenges and risks. Here are some of the potential benefits of using a crypto casino:
- Anonymity and Privacy: Crypto casinos often require less personal information during the registration process, providing a higher degree of anonymity.
- Transaction Speed: Cryptocurrency transactions can be quicker than traditional banking methods. This can result in faster deposits and withdrawals in some cases.
- Lower Transaction Fees: Traditional online casinos that rely on bank transfers, credit card payments, or e-wallets might have higher fees than cryptocurrency transactions.
- Bonuses and Promotions: To attract crypto users, some crypto casinos offer generous bonuses, promotions, and loyalty programs that might be more enticing than those found in traditional online casinos.
Are My Funds Safe in a Crypto Casino?
Whether your funds are safe in a crypto casino depends on several factors. Here are some points to consider when evaluating the safety of your funds in a crypto casino:
- Licensing and Regulation: A licensed and regulated casino is typically more trustworthy than an unlicensed one. Licensing bodies, such as the Malta Gaming Authority or the UK Gambling Commission, impose strict requirements on casinos to ensure player protection.
- Reputation: Established crypto casinos with positive reviews and a solid reputation in the community are generally safer bets than newer or less-known platforms. It’s advisable to look for user reviews, feedback, and any reports of disputes or unresolved issues.
- Security Measures: Check if the crypto casino uses up-to-date security protocols:
- Provably Fair Systems: As mentioned earlier, many crypto casinos offer “provably fair” games, which allow players to verify the randomness and fairness of game outcomes.
- Ownership Transparency: Platforms that are transparent about their ownership, team, and location tend to be more trustworthy than those operating entirely anonymously.
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Crypto Adoption: Singapore Red Cross To Accept BTC, ETH, USDT, And USDC
Cryptocurrency payments have been increasingly widespread in recent years, with their use spreading to nearly every market. A use case of cryptocurrencies that has seen particular growth is in crypto donations and the Singapore Red Cross has now taken the plunge.
Singapore Red Cross Taking Crypto Donations
The Singapore Red Cross is the latest to jump on the crypto bandwagon as the homegrown humanitarian organization recently partnered with Triple-A, allowing donors to contribute Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD Coin (USDC).
The country’s Red Cross Society is looking to capitalize on crypto adoptions by partnering with Triple-A, the first crypto payment gateway licensed by the Monetary Authority of Singapore (MAS).
The Singapore Red Cross received more than .5 million in donations in 2022. However, by accepting BTC, ETH, USDT, and USDC, the humanitarian organization is opening itself up to donations from people across the globe.
“By accepting digital currencies, we open our doors to a new segment of donors who are tech-savvy and wish to make a difference through their digital assets,” said Benjamin William, Secretary General and CEO of the Singapore Red Cross. “Enabling cryptocurrency donations also opens more opportunities for the new generation of donors who are au fait with digital currencies to consider philanthropy and helping the vulnerable.”
This is not the first time a Red Cross society will accept cryptocurrency donations, as the American and British counterparts already accept crypto donations. However, unlike US donors, donors to the Singapore Red Cross do not receive tax deductions, and all donations received will be converted to fiat currency within one business day.
Crypto adoption in Singapore is one of the highest in the Asia-Pacific region. According to a report, over half of Singapore’s Gen X members invest in cryptocurrencies. Another similar study done by Statista showed that around 19% of people in Singapore own crypto, higher than the global average of 15%. More than 31% of respondents also indicated that they owned Bitcoin, one of the highest in the world.
The Rise of Crypto Philanthropy
Crypto philanthropy has steadily grown over the past few years. Major organizations like the American Red Cross, and St. Jude Children’s Research Hospital now take crypto donations. Crypto donations, in particular, have contributed a significant part of humanitarian efforts in the Ukraine war, with the country receiving more than 2 million worth of crypto.
A 2022 report found that USDC, USDT, and Ethereum are the most popular cryptocurrency used for donations. With the improved infrastructure to accept and manage crypto donations, charitable giving is expected to become more mainstream, reaching billion by November 2032.
Over 10,000 South African Retail Outlets Now Accept Momint Crypto Vouchers
Momint, a Web3 marketplace app, has said South African residents can now use cryptocurrency to purchase shopping vouchers which are accepted by over 10,000 retailers. The Momint app can also be used to send cross-border remittances at a fraction of the fees charged by regular money transfer companies.
Vouchers Accepted by Popular Businesses
Momint, a Web3 marketplace, has launched a blockchain wallet which allows South African residents to purchase a shopping voucher with cryptocurrency, a report has said. Holders of the voucher can make payments at over 10,000 retail outlets across the African country.
According to a Mybroadband report, South Africa’s retail giants such as Checkers, Woolworths, Engen, and Takealot are some of the outlets that accept the Momint vouchers. The report added that the voucher is also accepted at some 5,000 international retailers.
In comments following the announcement, Momint CEO Ahren Posthumus also revealed that South Africans outside the formal economy can use the Web3 app to make everyday payments. Posthumus further explained why Momint proceeded to make it possible for South Africans to use crypto for regular payments.
“The new South African crypto asset digital regulation is laying the groundwork to protect investors and consumers to make sure businesses are acting ethically in this space. And that is also unlocking this potential for us to use the technology for much cheaper transaction costs, transacting with one another without going through a bank,” the Momint CEO said.
In addition to payments, the Momint app can be used to send cross-border remittances at a fraction of the fees charged by regular money transfer companies.
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Accept the ‘Best and Final Offer’ or Face Legal Action Gemini’s Cameron Winklevoss Tells DCG Founder
According to Cameron Winklevoss, the co-founder of the crypto exchange Gemini, a lawsuit will be filed on July 7 against Barry Silbert and the Digital Currency Group if the latter two fail to accept creditors’ “best and final offer.” Winklevoss also vowed to work with the Genesis Special Committee “to advance a non-consensual plan that adheres to a strict timeline and provides for immediate distributions to creditors and Earn Users.”
‘Indefinite Forbearance’
Cameron Winklevoss, the co-founder of the crypto exchange Gemini, has warned Digital Currency Group (DCG) founder Barry Silbert that a lawsuit will be filed against him and his company on July 7 if refuses to accept creditors’ best and final offer.” In an open letter shared via Twitter, Winklevoss, who accuses Silbert of dragging the process to resolve DCG’s failure to make creditors whole, said a demand will also be made for the Genesis Special Committee (GSC) to file a turnover motion on or before July 7. Such a step will put DCG into default, the Gemini co-founder added.
Earn Update: An Open Letter to @BarrySilbert pic.twitter.com/ErsYpcEjQD
— Cameron Winklevoss (@cameron) July 4, 2023
Winklevoss’ letter to Silbert is the Gemini boss’ latest salvo against DCG and its accused founder. As reported by Bitcoin.com News in May, Gemini co-founder claimed that DCG had failed to make a payment of around 0 million. At the time, Gemini suggested that it would extend “forbearance” to DCG in order to prevent a default.
However, in the letter explaining why creditors and Earn users have taken such a step, the Gemini co-founder blamed Silbert’s alleged abuse of the mediation process. He argued that this process has given DCG a free and unending forbearance.
“The mediation has given DCG an indefinite forbearance on the 0 million it owes Genesis — for free. This gratuitous forbearance has seriously damaged creditors and Earn Users in two significant ways. First, it has denied creditors, including Earn Users, the 0 million that they were owed in May,” Winklevoss explained in the letter.
Unsecured Creditor Committee’s Fiduciary Duties
According to the Gemini co-founder, DCG’s so-called indefinite forbearance has also undermined creditors and Earn users’ primary bargaining chip which forces Silbert to come to the negotiating table.
Meanwhile, in addition to threatening to file a lawsuit as well as a turnover motion, Winklevoss vowed to work with the GSC “to advance a non-consensual plan that adheres to a strict timeline and provides for immediate distributions to creditors and Earn Users.” Winklevoss said a demand will be made for the Unsecured Creditor Committee (UCC) to fulfill its fiduciary duty of filing a “lawsuit and taking depositions related to their investigation into the various intercompany loans and transactions between DCG and Genesis entities.”
In the so-called best and final offer, DCG is required to make a forbearance payment of 5 million on or before July 21. The payment must be comprised of 4,632 BTC and U.S. dollars. A payment of 5 million which is described as Debt Tranche 1 must be made two years from the plan support agreement (PSA) effective date. An amount of 5 million must be paid five years from the effective date.
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Robert Kennedy Jr. to Accept BTC for Campaign Contributions, Says Bitcoin Is an ‘Exercise in Democracy’
Before taking the stage at the Bitcoin 2023 conference in Miami, U.S. presidential hopeful Robert F. Kennedy Jr. emphasized the democratic nature of bitcoin, calling it an “exercise in democracy.” Additionally, during his Florida appearance, Kennedy revealed that his campaign would accept bitcoin for political contributions.
RFK Jr. Champions Bitcoin as a Democratic Tool, Now Accepts Leading Crypto for Campaign Contributions
Robert F. Kennedy Jr., a Democrat challenging incumbent U.S. president Joe Biden, declared that his campaign would welcome bitcoin (BTC) donations. At the conference, Kennedy underscored the widely recognized connection between bitcoin and the pillars of democracy and liberty. If elected president, he pledged to “ensure the United States remains the global hub of bitcoin.”
Many attendees at the Bitcoin 2023 conference expressed approval of Kennedy’s remarks. One individual tweeted, “Truly surreal to listen to a Kennedy speak to how his presidency would secure bitcoin’s place in the defense of the nation’s civil liberties.” Before delivering his keynote speech, Kennedy said that “everybody is so passionate about bitcoin not just because it’s a currency, but because it’s an exercise in democracy.”
Kennedy has recently cautioned against the potential dangers of a central bank digital currency (CBDC). Following these statements, he warned that America could face a severe economic crisis, emphasizing that “It’s not just the banks.” At Bitcoin 2023, Kennedy focused on decentralization, commenting on how people “are seeing today how fragile our over-centralized system is.”
Kennedy, also known as RFK Jr., is the nephew of former U.S. president John F. Kennedy and late U.S. senator Robert F. Kennedy. The candidate recently announced U.S. congressman Dennis Kucinich as his campaign manager. At the time of writing, Kennedy24.com—the official campaign website—features a donation section accepting bitcoin payments. The bitcoin (BTC) payment portal directs users to an opennode.com checkout page that does require various identification requirements.
What are your thoughts on Robert F. Kennedy Jr.’s embrace of Bitcoin for campaign contributions and his assertion that it is an exercise in democracy? Share your opinions in the comments section below.
Liechtenstein Prime Minister Says Government to Accept Bitcoin Payments, Open to Investing Reserves in BTC
Liechtenstein’s prime minister has reportedly revealed that bitcoin payments will be accepted for some government services. “A payment option with bitcoin is coming,” he said, adding that he is open to investing state reserves in the cryptocurrency.
Bitcoin Adoption in Liechtenstein
Daniel Risch, Liechtenstein’s prime minister who also serves as the country’s finance minister, has reportedly revealed that Liechtenstein plans to accept bitcoin payments for certain government services. He said in an interview with German business daily Handelsblatt Sunday without giving a specific timeframe:
A payment option with bitcoin is coming.
Risch explained that Liechtenstein plans to accept bitcoin and immediately exchange BTC for Swiss francs, the national currency, in order to avoid exchange-rate risks. He also clarified that the cryptocurrency would not be granted equal status as the Swiss franc.
The prime minister additionally told the news outlet that he was open to investing state reserves in bitcoin in the future.
Liechtenstein’s reserves, currently amounting to approximately 2.23 billion Swiss francs (.51 billion), are invested mostly in securities, Handelsblatt reported, citing the finance ministry.
Risch was further quoted by Reuters as saying:
Cryptocurrencies like bitcoin are still too risky. But this assessment can of course change.
In October 2019, Liechtenstein’s legislature approved the “Token and Trustworthy Technology Service Providers Act” (abbreviated TVTG in German). The government noted in its announcement at the time that with the new law, Liechtenstein becomes the first country to comprehensively regulate the token economy.
What is your opinion regarding the plan of Liechtenstein’s government to accept bitcoin payments and the possibility of investing reserves in bitcoin? Let us know in the comments section below.
Almost 50 Russian Banks Accept Yuan Deposits Amid Low Demand for Dollar Accounts
A growing number of banking institutions in Russia are offering customers the option to save in Chinese yuan. The trend coincides with declining demand for U.S. dollar and euro deposits amid currency restrictions that triggered a flight of funds to bank accounts abroad.
Demand for Dollar, Euro Accounts Expected to Drop Further, Requests for Yuan Deposits Surge in Russia
Fewer Russians want to open local bank accounts in major Western currencies amid restrictions on what they can do with their money. Data from the Bank of Russia shows that about half of all foreign currency savings in Russian banks have been transferred to foreign bank accounts in 2022, and interest in new deposits has noticeably dropped, the daily Izvestia wrote in an article.
A “massive decline” in demand for deposits in U.S. dollars and euros is to be expected, according to Anna Romanenko, director of communications at the financial marketplace Vbr.ru. The number of banks supporting deposits in these foreign currencies has decreased as well, the expert pointed out. At present, no more than three dozen lenders open such accounts.
“According to our data, by January of this year, the number of online requests for deposits in dollars and euros reached a minimum for the past two years,” Romanenko noted. And while due to the weakening of the ruble in March, interest in the dollar temporarily increased, demand for the euro is “still minimal,” she detailed.
Interest in Dollar and Euro Accounts to Continue to Fall if Currency Restrictions Are Extended
Among the reasons for this trend is the ,000 cap on withdrawals which was in place until Sept. 9, 2022. Besides, Russians can withdraw dollars only if they were deposited to their accounts before March 9, 2022 while any newly credited amounts must be converted to Russian rubles before withdrawal. “If the restrictions are extended, interest in such deposits will continue to fall,” Romanenko is convinced.
At the same time, the expert believes an increase in demand for the Chinese yuan, as an alternative foreign currency, can be expected. Anna Romanenko highlighted that 49 banks in the Russian Federation already have such offerings.
“Since March, we have seen a surge in demand for the yuan — interest in the Chinese currency has tripled in a month and continues to increase by 15–20% weekly. The attractiveness of the terms is increasing, too — you can already find deposits with a rate of up to 3%,” she elaborated.
Reports in March revealed that the yuan has replaced the euro in the top three currencies preferred by Russians for their savings. According to a study by the Finam financial portal, 17% of private individuals held the Chinese fiat and 8% had European money, while over a third chose the ruble.
Do you think the popularity of Chinese yuan deposits will continue to grow in Russia? Tell us in the comments section below.