Venezuela launches a real casino in cryptocurrencies, great controversy in the community

By Roberto D. | CryptoFarm | 22 Jan 2020

This was announced by the president of Venezuela, Nicolas Maduro, on Friday; the Hotel Humboldt, located in the Ávila National Park, will see the first international casino in the world that will operate with cryptocurrency and, of course, with Petro (the state stablecoin anchored to the price of oil) and the proceeds of which will finance two sectors fundamental for the country, namely health and education.

 Venezuela previously banned gambling by closing gambling halls while Hugo Chavez was still alive, stating that the betting industry was a harbinger of phenomena such as drug trafficking, prostitution and crime; now Chavez's successor, grappling with a heavy economic crisis, is hastily backing down, however Maduro's announcement has not been followed up by further clarifications and currently almost nothing is known about how this new casino will be managed and organized.

 Many in the community have strongly argued with this choice, also because very little is known about Petro, still today it is not listed on any of the main exchanges and many consider this cryptocurrency as a sort of scam, devoid of real value , which only serves to drain resources in favor of the Venezuelan government in exchange for providing a currency whose value would have been overestimated since its inception.

Personally I do not agree with all these criticisms, I believe that simply Venezuela at this stage needs to stimulate the circulation of the PTR and is trying to do it in every possible way; as we explained a few weeks ago, for example, it is no coincidence that part of the thirteenth of 2019 were disbursed in Petro, before even the cryptocurrency had been distributed to students as a sort of prize.

The decision to open a casino that fully manages its business in PTR is precisely a way to stimulate the circulation of the new currency and, in my opinion, a way to finance sectors such as education and health with foreign capital; it is not difficult, in fact, to imagine that tourists can decide to go to the casino to spend an evening and that they change their dollars to PTR to play, dollars which will then go to finance the welfare of the country.

Certainly, in light of the profound crisis that crosses the country, it is difficult to define Venezuela as a tourist half today, however things cannot remain like this forever; until 2008 the country was one of the main tourist destinations in Latin America, then the crisis contributed to precipitate the flows, however it is difficult to make a precise analysis since the latest available data date back to 2013.

 In any case, more than the economic crisis, to curb tourism in the country is political instability, instability that, as mentioned, will not last forever so Maduro's move should be understood as a long-term investment and not as something to cope with current contingencies.

 What is certain is that the Venezuelan government seems willing to invest heavily in the petro, with what results, however, only time will tell us.

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Roberto D.
Roberto D.

Born, and still living, in Italy. Passionate about cryptocurrencies since I discovered ethereum in 2016


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