Venezuelan President Approves Cryptocurrency-Powered Casino With State-Backed Petro - LearnBonds.com

Monday 20th January 2020

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.

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