Venezuela President Maduro Announces Crypto Casino to Back Education, Healthcare

Venezuelan President Nicolas Maduro stated that the country will soon host a casino that accepts cryptocurrency.

Specifically, Maduro stated that Ávila National Park’s Hotel Humboldt is taking steps to open an international casino and that it will accept Petro (PTR), Venezuela’s state cryptocurrency.

Maduro also revealed that the amount generated by the casino will finance the country’s public health and education industry.

Notably, a decade earlier, former President Hugo Chavez, Maduro’s guide directed the shutdown of all betting facilities, alleging that it supports drugs, prostitution and crime.

From 2011 onwards, the country started to degrade. Only a restricted number of online gaming platforms accept Venezuelan as members.

The planned casino is yet to be given or referred by a name, but Maduro’s announcement has raised so many queries. No specific date was provided for the opening of casino and whether the firm, operating in the “lungs of the city,” will provide oxygen to other comparable spots.

There is also no clarity on how the casino will run i.e. whether guests will accept only Petroapp, host a crypto ATM and pay the reward in Petro is not explained so far.

Most importantly, how will a nation that lags considerably in education and healthcare infrastructure tries to fill the gap with crypto casino funds.

As Venezuelan government has not delivered on its earlier promises, crypto enthusiasts are skeptic towards the plan.

Last week, Madura revealed the government’s intention to sell 4.50 million barrels of Venezuelan oil, produced by state run oil and gas enterprise PDVSA, with Petro as payment.

As per Maduro, the oil sale will assist Venezuela “open roads to the new economy” and create an environment of “peace and integration of peoples, their happiness and improvement.”