Get the Finder app 🥳

Track your credit score

Free

Venezuela approves crypto casino and gambling with the Petro cryptocurrency

Posted: 21 January 2020 11:55 am
News

Picture not described

Venezuela is moving forward with efforts to stoke cryptocurrency adoption.

The Petro was the world's first national cryptocurrency, built by Venezuela specifically to escape US sanctions. It went through all the usual cryptocurrency motions, including a hyped up ICO and a failure to deliver on its initial promises.

Now it's at the point where the Petro CEO head of Venezuela's cryptocurrency bureau is calming angry speculators on social media, while other official accounts post pictures of users spending Petros just to prove that it really works.

The Petro is truly running through the full ICO experience.

More recently, Venezuelan president Maduro announced that several million barrels of oil would be sold for Petros to fund the coin. And even more recently, Maduro reportedly announced that he has approved legal betting with the Petro, and the creation of a Petro-only casino.

"I have authorised legal bets with Petros," he said. "For example, in the Hotel Humboldt, there will be an international casino and everyone who wants to bet will bet with Petros."

Fitting

Gambling may be a solid outlet for a government hoping to boost adoption of its cryptocurrency. After all, it's regarded as a truly recession-proof industry and Venezuela's economic turmoil is believed to have put gambling on the rise.

It's also fitting given the close association between casinos and money laundering, and the original purpose of the Petro as a vehicle for evading sanctions. However, Maduro specified that proceeds from Casino Petro will be used to fund the country's public health and education sectors.

In this case, gamblers will have to use the Petro (PTR) cryptocurrency, which will likely mean using the government Petroapp. Through it, PTR can be purchased with Bitcoin, Litecoin and Dash.

While Venezuela is taking many official steps to tap the country into crypto, it's thought that organic cryptocurrency adoption is limited, and people's preferences still lie with Bolivars and dollars.



Also watch


Disclosure: The author holds BNB, BTC at the time of writing.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Picture: Shutterstock

Latest crypto guides

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site