Venezuela Embraces Casinos and Payment Through Cryptocurrencies.
Venezuela has experienced an unstable geopolitical period.
The current administration has grappled with poverty and inflation, and this has made it a pariah on the global stage.
This was until the recent Ukraine invasion by Russia resulted in new opportunities for Maduro’s regime.
The oil scarcity resulting from the war resulted in reduced sanctions.
With this, the president chose to reintroduce gambling and casinos into the country since he has already laid the foundation for casinos that will significantly improve Venezuela’s economy.
Gambling and casinos were illegal during Hugo Chavez’s administration.
Maduro considers gambling a way of filling the country’s coffers.
He does not possess the same reservations as his predecessors, who stated that casinos resulted in social degradation.
It is not only casinos that are increasing in popularity since many people are investing in cryptocurrencies with the aim of gambling.
Casinos like Ciudad Jardin already accept different virtual currencies like Tether and Bitcoin.
It is among the newest entrants to the gambling industry under the current administration.
The casino started accepting the mode of payment recently using the CoinCoinX cryptocurrency platform.
The casino’s goal is to attract tourists who have started arriving in the country in large numbers due to the relaxed sanctions.
Various Locations Have Been Approved For The Construction of New Casinos.
Even though the country can use the revenues from casinos, its financial situation is dire.
Maduro’s administration has removed subsidies on various parts like electricity and water supply.
The average citizen makes little every month due to the sanctions and whether casinos will help improve the situation remains to be seen.
Media reports state the casinos that will soon be operational include those in Miranda; Coliseo, Macaracuay, La Cáscara, La Urbina and Buenaventura, Aragua; Platinum and Ballagio, and the Ciudad Jardín at the Hotel Pipo, which are operational, Nueva Esparta; Charaima, Caribe Plaza and Concorde, Falcón; Baywasht, Tucacas, and Anzoátegui; Sun Casino); Barinas, Center Llano and Portuguesa, Eco Inn.
The Reinvention of Venezuela.
With many citizens living below the poverty line, it is hard to pinpoint local traffic.
Still, the country’s economy is shifting, and this is attributed to the Russia-Ukraine war.
The country’s administration was able to make Europe and the US recognize it, and this compelled them to relax the sanctions that stemmed from the government’s violation of political and human rights.
The US government authorized Repsol, Chevron, and Eni to process and export the country’s crude oil and gas.
The new arrangements have resulted in foreign investors visiting the country looking for short-term investment opportunities.
The scarcity and increased cost of raw materials in the global market due to the war have put Maduro’s administration in a better financial position.
With support from Iran, the country is trying to increase its fuel production in various refineries.
The government is also squeezing a lot from its citizens despite the poor financial situation of most households.
At the beginning of 2022, it started to remove subsidies for public services like electricity and water.
Monthly rates are increasing, and analysts forecast they will reach the global level by 2022.
To ensure the citizens use bolivars in their transactions instead of foreign currencies, the government increased the tax on vast foreign exchange transactions by 3%.
Research shows that this change would help the government gain an additional $3 trillion.
As a result, Maduro may help turn everything around since casinos will continue making profits as long as they rely heavily on tourists to increase their growth.
Even though the changes may not be significant, providing more job opportunities to Venezuelans will be a plus to the country and the businesses.
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