Maduro authorizes Venezuela’s first casino to run on ‘petroleum’

If you carry Chinese yuan, if you carry Japanese yen, dollars, euros or any other cryptocurrency, users will be able to buy “your petro tokens (…),” the official said.

Venezuelan President Nicolás Maduro said on Friday (17/1/2020) that he authorized the opening of a casino in Caracas that will work with the petro, which he bought two years ago Launched cryptocurrency, weighed by sanctions from U.S. authorities. .

“In the Humboldt Hotel (…), an international casino will open there, everyone who wants to bet will bet on oil, and all these resources will go to health and education,” Maduro said in the government bill The broadcast said it was provided by the national channel VTV.

The president said that wagers at the aforementioned casinos could be made “in convertible currencies.” He added: “(You) buy your 100 petro and make legal bets, which are allowed by national law.”

In Venezuela, the operation of casinos and gaming companies is authorized by a law enacted in 1997 that authorizes the National Casino Commission to grant operating licenses.

Venezuela | gelding
In this file photo, a man uses US dollars to buy goods at a business in Caracas. (09.08.2019)

Maduro launched the petro almost three years ago while trying to evade U.S. and European Union sanctions on a number of state officials and companies. But just days after it was launched, the U.S. banned its use.

And PetroApp

This week, Maduro ordered the sale of millions of barrels of oil and a public service fee in petro, with an eye toward boosting the use of crypto assets.

Maduro announced in his presentation of the 2019 annual balance to the National Constituent Assembly, which consists only of the Chavez factions, that “all services in the Venezuelan state currently charge rates, fees and commissions in foreign currencies (…) to Petro charges.”.

In announcing the news about the casino, Maduro also announced that they would look into the possibility of levying municipal taxes through a cryptocurrency phone app.

“All the mayor’s offices are going to have a huge program so that they have their PetroApp to get oil resources and collect municipal taxes,” explained Tareck El Aissami, vice-president of the economic sector.

At official events, Maduro also announced that he had approved the creation of the so-called Bolivarian Council of Mayors, through which the government seeks to “improve municipal governance in Venezuela.”

If you carry Chinese yuan, if you carry Japanese yen, dollars, euros or any other cryptocurrency, users will be able to buy “your petro tokens (…),” the official said.