Good News for Cryptocurrency Investors: Venezuela President Maduro to open International Cryptocurrency Casino!

News reports indicate that Venezuelan President Maduro plans to open an International Casino, where players can only use Venezuela’s State Cryptocurrency the Petro, after exchanging their fiat or cryptocurrency for the Petro. The Casino is planned to open at a luxury hotel in the capitol city of Caracas.

The Petro is the Venezuelan state run, oil-backed cryptocurrency. The United States has banned it, and threatened companies or countries dealing in the token with economic sanctions. Maduro claims that several international parties have already traded in the Petro. However, he has refused to name the companies due to the risk of United States retaliatory action on the firms.

Rules so far;

All bets are in Venezuela Petro cryptocurrency.
You can trade Most Fiat currencies and also any cryptocurrency.
No word on any preferential rate for dollars, but since practically any cryptocurrency can be traded for Bitcoin it looks like most will be accepted.

However, it is unclear what currency players will cash out in...and other details on how much fiat you can bring into the country or leave the country with are unknown. A scenario where Petro winnings are cashed out in the Venezuelan currency the Bolivar, which you would then have to exchange for your currency exists. Which might still profitable but would add fees to the transaction.

The irony is that President Maduro is the hand picked successor of former Venezuelan President Hugo Chavez, who closed all previous Casinos in Venezuela because he felt they were havens for crimes involving drugs, and prostitution. Current Venezuelan President Maduro has indicated that the profits from the casino will fund the country’s health and education sectors.

source

I think the Madura story is amazing because this is a major South American country, which was once very wealthy and could be very wealthy in the future, which is now going to encourage fiat to cryptocurrency trading and paying for goods and services with cryptocurrency. This is big news. One of the highly touted characteristics of cryptocurrency is its potential as a good store of value and easily transferable store of wealth. While the fact that all OPEC nations sell oil for dollars has no doubt helped cement the US dollar into its position as a dominant world currency, backing of the Venezuelan Cryptocurrency the Petro with a barrel of Venezuelan oil was a bold financial move that could have started a process ushering in a new financial world order. Bitcoin was and is disruptive, but a cryptocurrency backed by a barrel of oil, one of the worlds most valuable commodities, redefines the word disruptive and takes it to a whole new level.

Stay thirsty for knowledge my friends.

✍️ written by Shortsegments

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