{"id":247592,"date":"2020-01-21T12:23:01","date_gmt":"2020-01-21T17:23:01","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=247592"},"modified":"2024-05-31T11:23:07","modified_gmt":"2024-05-31T11:23:07","slug":"crypto-run-casino-to-open-in-venezuela","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/crypto-run-casino-to-open-in-venezuela","title":{"rendered":"Crypto-Run Casino to Open in Venezuela"},"content":{"rendered":"

Venezuelan President Nicolas Maduro has announced his first major cryptocurrency initiative of the new year- a casino that will run on crypto.\u00a0<\/span><\/p>\n

According to a\u00a0<\/span>report<\/span><\/a>, Maduro recently announced that the Hotel Humboldt, which is located at the \u00c1vila National Park in the capital city of Caracas, will soon become an international casino that will operate with Petro<\/a>, the country\u2019s national, oil-backed stablecoin. The news source didn\u2019t confirm whether other digital assets will be supported at the casino as well, but given how aggressively the Venezuelan government has leaned on cryptocurrencies in these times, it wouldn\u2019t be a shock if they include Bitcoin casinos<\/a> aswell.\u00a0<\/span><\/p>\n

A Heel Turn on the Subject of Casinos\u00a0<\/span><\/h2>\n

The announcement is coming almost a decade after casinos and betting stations were banned in Venezuela by then-president Hugo Chavez, Maduro\u2019s predecessor and mentor. At the time, Chavez labeled places like casinos as harbors of drugs, prostitution, and crime, and ended up banning them all- in a move that ended up putting about 100,000 Venezuelans out of business.\u00a0<\/span><\/p>\n

However, Maduro- who has overseen a country in rapid decline- now hopes to switch things up, with Petro at the helm of things. It\u2019s easy to poke holes in this plan and ask questions about how it\u2019ll succeed, but it\u2019s also worth remembering the significant progress that the Maduro administration has been able to make with Petro and its adoption in the country.\u00a0<\/span><\/p>\n

An Example for Other Countries to Follow\u00a0<\/span><\/h2>\n

This time last year, Venezuela\u2019s oil-backed stablecoin was, for all intents, dead in the water. It wasn\u2019t accepted by any major crypto exchanges, wasn\u2019t being accepted by anyone, the ad had provided the first real case of a terrible example of what a state-backed digital asset could be. However, Maduro has done a rather good job of bringing the asset back to life, as several entities across the country- including Burger King, Traki (one of Venezuela\u2019s largest retail stores), and the Banco de Venezuela- now provide support for the asset.\u00a0<\/span><\/p>\n

Venezuela now has a crypto ATM as well, and Petro has been included in several government projects as the chief source of funding and revenue. Although there is still no major crypto exchange that will list the asset (and that\u2019s most likely not going to change, because Petro has already been placed on a sanction list by the U.S. Chamber of Commerce), the progress that has been made with this asset- and really, cryptocurrencies in general in Venezuela- has been nothing short of admirable.\u00a0<\/span><\/p>\n

Now, if Maduro can only use all of this as tools for public good, he could show the world that a state-backed asset can be a good thing. Venezuela is currently in the midst of an economic crisis, with its official currency plunging by the day and a government that is becoming a pariah in the international community. If it can somehow manage to turn things around, then its case could very well spur other countries to give the prospect of state-backed digital assets a try.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Venezuelan President Nicolas Maduro has announced his first major cryptocurrency initiative of the new year- a casino that will run on crypto.\u00a0 According to a\u00a0report, […]<\/a><\/div>","protected":false},"author":1770,"featured_media":242898,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[5615,10212,8906,8739,8337],"class_list":["post-247592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-gambling","tag-hugo-chavez","tag-maduro","tag-petro","tag-venezuela"],"acf":[],"yoast_head":"\nCrypto-Run Casino to Open in Venezuela - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Venezuelan President Nicolas Maduro has announced his first major cryptocurrency initiative of the new year- a casino that will run on petro.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/247592\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto-Run Casino to Open in Venezuela\" \/>\n<meta property=\"og:description\" content=\"Venezuelan President Nicolas Maduro has announced his first major cryptocurrency initiative of the new year- a casino that will run on petro.\u00a0\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-21T17:23:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-31T11:23:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/11\/images-7.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"168\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jimmy Aki\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@adejimi\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jimmy Aki\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/247592#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/247592\"},\"author\":{\"name\":\"Jimmy Aki\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad\"},\"headline\":\"Crypto-Run Casino to Open in Venezuela\",\"datePublished\":\"2020-01-21T17:23:01+00:00\",\"dateModified\":\"2024-05-31T11:23:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/247592\"},\"wordCount\":519,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/247592#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2019\/11\/images-7.jpg\",\"keywords\":[\"Gambling\",\"Hugo Chavez\",\"maduro\",\"Petro\",\"Venezuela\"],\"articleSection\":[\"Breaking Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/247592#respond\"]}],\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/247592\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/247592\",\"name\":\"Crypto-Run Casino to Open in Venezuela - 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