The president of Venezuela, Nicolas Maduro, recently announced the launch of a new cryptocurrency casino in a country that has few, if any, casinos left.

Relief Casino

Hotel Humboldt at Ávila National Park will soon become an intercontinental casino that will operate with the country’s state cryptocurrency, Petro (PTR). The profits generated will help fund Venezuela’s education and public health divisions.

Former Venezuelan president Hugo Chavez, Maduro’s mentor, ordered casinos and other betting facilities that harbored crime, drugs, and prostitution to close less than a decade before Friday’s announcement was made. There have only been a small number of online platforms that Venezuelans could access for gambling purposes since the once-flourishing country became degraded as of 2011.

Questions about the New Facility

The casino not only doesn’t have a name, but there are a variety of other questions that have yet to be answered. Maduro hasn’t discussed when the casino will open or whether this new venture will breathe life into similar ventures in the future. The logistics are also uncertain with regard to how the casino would be run. Would visitors utilize the Petroapp? Would crypto ATMs be available? How will winners collect their prizes? All of these questions have no clear answers to them.

One of the most poignant questions that have yet to be answered about the announcement is whether the crypto funds generated by the casino will benefit the education and health needs of the country. Venezuela ranks among the lowest in the world for its education standards, and their healthcare is almost nonexistent.

It is advised that anyone reading this article should take this announcement with a grain of salt, as the country’s government has a history of not living up to its promises, especially those in relation to Petro.

Crypto Power

Maduro mentioned in a report from last week that he was planning to have Venezuela sell its 4.5 million oil barrels from their state-managed gas and oil corporation, PDVSA, for Petro. According to the president, this sale would help the country open doors to a new economy and create a world full of peace and integration, as well as happiness and development, among its people.