The Venezuelan government has authorized a casino at the Humbolt Hotel in Caracas where all bets will be processed in petro, the country’s national digital currency. According to Venezuelan President Nicolás Maduro, all the funds raised will be allocated to social investment in areas such as education and health.
“I have authorized legal bets on petro,” Maduro said. “For example, in the hotel Humbolt, here will be an international casino and everyone who wants to bet will bet via petro, all those resources will enter the state for health and education, in convertible currency. You can come to bet, there will be offers, special prices. You buy your petro, you can buy it if you bring yuan, if you bring yen, dollars, euros or any other cryptocurrency. You can buy your petros and make your lawful bets allowed by the state as covered by national laws.”
The government launched its digital currency in 2018, as a defense against U.S. sanctions that cut off Venezuela from international capital markets. Petro is backed by the country’s oil reserves, the world’s largest. The country remains in a deep economic crisis amid widespread corruption, a devalued currency and crippling sanctions by the U.S. and the EU.
In 1996, Venezuela passed a gaming law that allowed casinos in five-star hotels with a minimum of 200 rooms. But three years later, when Hugo Chavez began his 14-year reign, tax increases across the bingo and casino sector caused massive closures that put an estimated 100,000 people out of work. Since 2011, the National Commission of Casinos, Bingo Halls and Slot Machines has carried out numerous onsite inspections and raids that have usually caused more closures.
Games Magazine Brasil called the new measure the “latest attempt related to the use of digital currency in order to boost the country’s beleaguered economy.”
