Venezuelan President Maduro Approves First Crypto Casino

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Nicolas Maduro, the controversial Venezuela president, has just approved the opening of a crypto-run casino. It will be open at the Hotel Humboldt at the Avila National Park. All bets in the casino will be made in Petros, the Venezuelan state-run cryptocurrency that’s been often compared to Bitcoin.

The news from Maduro comes after him and the government have been pushing the country’s businesses to start accepting Petros. It is also a major departure from the politics of former Venezuelan leader Hugo Chavez (Maduro’s mentor) who closed all casinos across the country and deemed them a den for drugs, position, and other crimes. The fact that his student is now open to the idea of crypto-casinos will surely open the country for Bitcoin gambling opportunities and possibly make it a haven for crypto owners.

The First Petro Casino in the World

The casino will be open in one of the most luxurious casinos in Caracas. It will be a Petro exclusive, although players can exchange several other crypto and fiat currencies to the government-backed one. The good news is that all proceeds from the casino can be used for healthcare and education.

“Everyone can come and bet with Petros. You can buy them with dollar, yuan, euros, other cryptos. You can bet legally as contemplated by the national laws,” Maduro stated. The Hotel Humboldt reopened in 2018 after a long lights-out period for gambling in Venezuela. Although the president didn’t mention which currencies can be exchanged to Petro, the Petroapp mentions that you can use BTC, DASH, and LTC.

Launched officially in February 2018, the Petro is a government-backed cryptocurrency that Maduro praises. The president has been pushing for businesses to begin using it so the country doesn’t rely on foreign currencies anymore. Internationally, many believe the Petro is a scam with the USA banning its use. Maduro has decreed mandatory use of Petros for passports in the country and also decreed that all fuel sold by the national oil and gas company will be made in Petros from now on.

Casinos Making a Comeback in Venezuela

After a dark time of gambling in the South American country, casinos have started coming back to Venezuela. Although Nicolas Maduro didn’t mention if Bitcoin could be used in the Hotel Humboldt casino, he did state that it will be operational in a few months. As soon as the casino opens its doors to players it is widely expected to also launch its online gaming site with the same fiat and cryptocurrencies in use.

If Petro-gambling catches fire in Venezuela, we don’t doubt that new casinos will open the doors for Bitcoin gambling and crypto-gambling in general. Time will show if Maduro’s cryptocurrency will succeed or fail. If it is a hit in Hotel Humboldt, we’re sure that it’s just a matter of time before Venezuela turns to a crypto-gambler’s heaven. All proceeds from the casino will be invested in education and healthcare in the country and that’s something many will support.

January 29, 2020: • No Comments

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