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.
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 with petros, all those resources will enter the state for health and education." Maduro elaborated:
You can come to bet. There will be offers, special prices. You buy your petro tokens, you can buy them if you bring yuan, if you bring yen, dollars, euros or any other cryptocurrencies … buy your petros and make your licit bets allowed by the state as contemplated by national laws.
Gamblers must acquire PTR to participate, Criptonoticias news outlet clarified, citing that the initiative aims to procure additional resources to boost Venezuela's recessionary and hyperinflationary economy. While the Venezuelan president did not specify which cryptocurrencies are accepted, the government's Petroapp allows users to buy PTR with BTC, LTC, and DASH.