Maduro Announces Opening of Crypto Casino in Venezuela

January 23, 2020

Recently, Nicolas Maduro, president of Venezuela, announced an airdrop of Petro in order to push the country’s cryptocurrency for nationwide adoption.

Venezuela has been struggling with a financial crisis for several years. Hyperinflation, plunging oil prices, and the fall of bolivar severely damaged country’s economy.

The government decided to fight back, and one of the ways was creating a national cryptocurrency – Petro (PTR). Petro is a stablecoin and mostly pegged to oil.

Maduro showed that he has some big plans for the country’s cryptocurrency. Besides the airdrop, he also announced plans for Venezuela to sell 4.5 million barrels of oil that belong to the company PDVSA, in exchange for Petro.

And the last news we got about Petro is that Venezuela will open a crypto casino that will operate with the cryptocurrency.

Venezuela’s crypto casino

Before going into details about the casino, it’s worth mentioning that Hugo Chavez, former president of Venezuela, closed all betting places during his tenure.

Chavez considered casinos as a cause for prostitution and other types of crime. However, this left the country with a limited number of online gambling platforms.

But now, things have changed.

Here is what we know about the potential crypto casino. According to the sources, Maduro chooses Ávila National Park’s Hotel Humboldt for this purpose. Naturally, the casino will operate with Petro.

All the proceeds will be directed to Venezuela’s public health and education sectors.

And of course, this is one more attempt of the government to increase the usage of cryptocurrency and, in this way, recover the country’s struggling economy.

Final words

The announcement of Venezuela’s crypto casino raised many questions that are still unanswered. For example, what is the name of the casino? And when does it open? How will winners collect their prizes?

And finally, what’s the next move that Maduro will take to help Petro replace bolivar?



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