The President of Venezuela plans to put out a cryptocurrency-powered casino that will work with the state-issued cryptocurrency, the Petro (PTR). The President, Nicolas Maduro, will be placing the casino at a hotel in Caracas, according to Bitcoin.com.
At the casino, citizens will have to bet via Petro, though they can exchange a variety of different fiat currencies and cryptocurrencies into the Petro. According to the publication, any proceeds from this casino will be pushed into the healthcare and education industries.
Interestingly, this news comes after the previous President, Hugo Chavez, banned all places of betting due to them promoting illicit activities such as prostitution, reports CoinTelegraph.
There isn’t much more revealed on the matter, though we do know that cryptocurrencies and blockchain technology are used for a variety of things – especially gambling and gaming. In fact, most of the decentralized, blockchain-based applications out there are simple gambling and gaming ones that allow participants to earn more based on their involvement.
Of course, these are more mundane uses of the technology. For example, in Uzbekistan, the Cardano cryptocurrency project is working with a governmental arm there to ensure that blockchain technology is used to improve education, healthcare, and so much more. We’ll have to see how both of these projects turn out in the new year.
76.4% of retail investor accounts lose money when trading CFDs with this provider.
Total Number of Stocks & Shares+2000
Charge per Trade
FTSE 100Zero Commission
Users should remember that all trading carries risks and users should only invest in regulated firms. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.