Maduro Opens International Crypto Casino

Venezuela’s President Nicolas Maduro has authorized the opening of an international casino at a luxury hotel in Caracas where bets must be placed in petros, the country’s national oil-backed digital currency. Several cryptocurrencies and fiat currencies can be exchanged into petros to wager in the casino. The proceeds are expected to be used for healthcare and education.

Also read: Regulatory Roundup: EU-Wide Crypto Regulations, New Rules in Europe, US, Asia

Casino for Gambling With Petros

The president of Venezuela announced Friday that he has authorized the opening of a casino at the Humboldt Hotel in Caracas where bets must be placed in petros (PTR). The hotel, located on the peak of El Avila hill, was reopened in 2018.

“I have authorized legal bets with petros,” he reportedly said during a joint radio and television broadcast. “For example, in the Hotel Humboldt, there will be an international casino and everyone who wants to bet will bet…