President Nicolas Maduro authorized the opening of a gaming casino at a hotel in Venezuela’s capital, where stakes must be placed in petros, the nation’s digital currency. Several cryptos and fiat currencies can be exchanged into Petros to wager at the casino.

The Petro was the world’s first national cryptocurrency, built by Venezuela specifically to evade U.S sanctions. It went through all the usual cryptocurrency motions, including a hyped-up ICO but ended up failing to deliver on its initial promises.

In an attempt to foster Petro adoption, Maduro said during a joint radio and television broadcast:

“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.”

Earlier last week, the socialist leader had used his annual speech to the ruling Constituent Assembly to try to revive the controversial Petro that has been banned by the U.S and labeled a “scam” by some risk-rating bodies.

In what now seems to be more resolve to revive the ailing Petro cryptocurrency, Maduro has authorized legal bets with the national crypto, overturning a ban on casinos in place since 2011.

Could this be a Great Move to Boost the Failing Petro?

Gambling may be a solid outlet for a government hoping to boost the adoption of its national cryptocurrency. In any case, it’s regarded as a truly recession-proof industry, and Venezuela’s economic turmoil is believed to have put gambling on the rise.

Allowing gambling with the Petro is also fitting given the close association between casinos and money laundering, and the original purpose of the Petro as a means for evading sanctions.

Gamblers will have to use the Petro (PTR) cryptocurrency, which will likely mean using the government Petroapp. Through it, PTR can be purchased with Bitcoin, Litecoin, and Dash.

While Venezuela is taking many official steps to tap the country into crypto, it’s apparent that actual cryptocurrency adoption by the public is limited, as people’s preferences still lie heavily with Bolivars and dollars.

Analysts Fear Maduro’s Decree Could Hurt the Economy

Last week’s declaration that the sale of all fuel sold by Venezuela’s state-owned oil corporation for airplanes flying international routes be made in petros could be hurting the oil industry in the country.

Some buyers of Venezuelan crude oil have reportedly halted purchases after the country started demanding payment of port fees in Petros, further amplifying the economic crisis the country is grappling with.

