Casinos in Venezuela have started accepting cryptocurrencies for gambling. This positive shift in sentiment towards digital currencies comes during president Nicolas Maduro’s term, who sees casinos as a new source of revenue. With growing inflation and poverty, Russia’s invasion of Ukraine has unexpectedly benefitted the country, making its oil a global resource short in supply. Maduro’s government is actively promoting gambling and has plans to set up casinos in numerous locations to boost the economy. Among these, is a Vegas style casino set to launch in Nueva Esparta.
Las Vegas style casino resort to open in Nueva Esparta
Casino gambling was banned under Hugo Chavez, Venezuela’s previous president who passed away in 2013. Maduro sees casino gambling as a way to bolster the state’s finances. Maduro has no qualms about casinos causing social degradation like his predecessor did.
It’s not just casinos that have arrived in the country, as cryptocurrency is also being adopted, especially for gambling purposes. Citudad Jardin, one of the casinos in the country, accepts Bitcoin and Tether, among other digital currencies. The company is also one of the newest entrants into Venezuela’s newly-regulated gambling market.
The casino began accepting cryptocurrencies last Friday through the cryptocurrency exchange CoinCoinX. A Las Vegas-style casino resort located on the Isla Margarita island in Nueva Esparta aims to draw tourists, who are increasingly pouring into the country because of sanctions relaxing.
New Casinos in Caracas, Miranda & Nueva Esparta to contribute to Venezuela’s economy
In contrast, Maduro’s ambitions are much more serious and he wants to see more casinos built in places such as Caracas, Miranda, Nueva Esparta, Aragua, Lara, Zulia, and others. The country’s finances are in dire straits, so it can use the additional money it will get from casinos.
A number of government subsidies, including those for water and electricity, have been removed by the Maduro government. Colombians make an average of $25 a month as a result of years of sanctions that have constrained the country and tipped it over an economic precipice. This will gradually be undone. It remains to be seen whether casinos will help.
