Venezuelan President Nicolás Maduro continues to try to save the paralyzed country from economic problems with the help of cryptocurrencies. He will open a luxury casino in Caracas, where players will bet with the state cryptocurrency Petro. He wants to use the profits to finance health care and education.
In 2012, Maduro’s predecessor, Hugo Chávez, ordered the closure of all casinos and bingo halls. He justified this by saying that these places had become a center of prostitution, drugs and crime. Since then, only a few online casinos have remained in operation in Venezuela where the country’s residents have been able to gamble.
However, at a difficult time when Venezuela is in the middle of an economic crisis, and he is facing attempts to overthrow, Maduro is turning to gamble. “I have approved legal betting for Petro,” Maduro said in a radio and television interview, referring to the state’s cryptocurrency, which is covered by the country’s oil reserves. “For example, we will open an international casino at the Humboldt Hotel, where everyone will bet with Petro. We will then use all these funds for health care and education. “
The Venezuelan president added that guests would be able to buy Petro for dollars, yuan, yen, euros or other cryptocurrencies. However, he did not add any further details, so it is a question of how guests can cash out their winnings, whether there will be Petro ATMs in the hotel or whether players will have to use the mobile application to trade with Petro Petroapp.
Venezuela launched the Petro cryptocurrency project in 2018 to avoid sanctions imposed on some authorities and companies by the European Union and the United States. For example, in the USA, the use of this cryptocurrency is prohibited.
However, Maduro continues to stick to the idea of a state cryptocurrency, and in mid-January, he ordered the state-owned company PDVSA to sell oil for Petra. Depending on this step, some entities have already suspended the purchase of Venezuelan oil.
How Cryptocurrency Casinos Work
Casinos using cryptocurrencies and blockchain technologies are already existing now and are pretty common in the online world. There are many bitcoin casinos with a legit gambling licence. For example, 7Bit casino is allowing betting in several cryptocurrencies like Bitcoin, Etherum, Litecoin or Dogecoin.
And why online casinos and players like to use Bitcoins and others cryptocurrencies? It brings many benefits. Processing such payments are completely secure and free. Many reputable casinos have to cover a large number of fees when working with traditional currencies, especially international bank transfers. With the cryptocurrency, the online casino and its players save money.
But there are more benefits, why still more and more licensed online casinos are choosing to use blockchain technology. It’s safe – There are no human mistakes because no one controls or influences the blockchain. No one can edit it retrospectively. It is decentralized – Blockchain has no center and works thanks to the users themselves, so-called peer-to-peer.
It’s transparent – Everything on the blockchain is open and easy to find. All data is secure thanks to encryption by an algorithm. Falsifying blockchain entries is very difficult, if not impossible.