Nicolas Maduro, the president of Venezuela, has announced that his country wants to open a casino. Nothing special you would say, except that in this casino you can only play with the Venezuelan cryptocurrency Petro.
Gambling with Petro to finance education and health
Maduro said that the international casino will be housed at Hotel Humboldt in Ávila National Park. Over here you can gamble with Petro, the cryptocurrency of Venezuela. The profits of the casino will be used to finance education and public health, the President of Venezuela said.
Closing of gambling halls
Former president and mentor of the current president, Hugo Chavez, closed all gambling halls ten years ago. He saw them as breeding grounds for prostitution, drugs and crime. Since then, only a handful of gambling websites have been allowed.
Maduro’s announcement mainly raises questions. For example, the casino doesn’t have a name it. It’s also not clear when the casino will open. Nobody knows if more casinos will open. And also important: how does the casino work? How do you use the Petro to gamble, with an app or by ATMs? And can you only win Petro when you’re an international guest, or also with other valuta?
The key question: is the profits of the casino really used to support the people through public health and education? What is clear is that in the casino you can exchange various fiat currencies and cryptocurrencies for Petro. Hopefully president Maduro will come soon with more information.
Buy fuel with Petro
There’s more than just news about the casino. Maduro announced plans for Venezuela to sell the reserve 4.5 million barrels of oil for Petro. These barrels all belong to the state-run oil and gas company PDVSA. According to the president, the sale will help Venezuela to ‘open the roads to the new economy’ and build a world of ‘peace and integration of people, happiness and improvement’. He also wants planes taking off from Caracas, the capital of Venezuela, to buy their fuel with Petro.