Venezuela’s Seven-Star Hotel Ready to Accept Petro
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Venezuela’s Seven-Star Hotel Ready to Accept Petro

Venezuela’s Seven-Star Hotel Ready to Accept Petro

Venezuela’s national cryptocurrency, Petro, is being accepted as a means of payment by a luxury hotel, Humboldt, in the Caribbean coast. The hotel is a landmark place in Caracas and is regarded as the most exciting examples of 20th-century urban architecture. The current news should enable others also to follow suit to start accepting the petro coin as payment means within the country. This should also remove any doubt about the digital currency since some experts have reportedly termed it as a scam and the United States have also banned the virtual currency.

Pay Through Petro

The Humboldt hotel is in Caracas and located in Waraira Repano National Park in the coastline of Caribbean, news.bitcoin reported. The 19-story hotel provides a 360-degree view stretching to the horizon. The hotel has a number of services at its disposal for which petro token could be used. This included conference rooms, indoor pool, social areas, and a cable car. These facilities were meant for guests visiting the hotel that was established in 1956 on Venezuelan dictator, Marcos Jimenez’s, initiative. This was meant to be a tourist and complex recreational part linking Caracas to the coastal area.

During that period, the hotel has also met the highest standards of the world in the hospitality industry. Though it had a number of first-class restaurants, the hotel was closed after the resignation of Jimenez in 1958. This was regarded as a ‘symbol of the dictatorship.’ However, the hotel opened the doors again in 1991 due to an investor from Italy. In 2007, the government of Hugo Chavez opted to nationalize it only to close it again. The nation’s president, Nicolas Maduro, has participated in the most recent reopening of Humboldt.

Maduro claimed that it would become the first seven-star hotel to start accepting cryptocurrency as payment means in the troubled South American nation. Venezuela has opted to launch the oil-backed digital currency as an alternative to its Bolivar, its fiat currency. The country resorted to this extreme step after its inflation jumped more than 2,600 percent in 2017. The country is also facing serious economic issues. The United States has also slapped a sanction on the country.

Another key point is that the hotel would price its services and extras on state-issued petro coin only. The hotel has also opened an exchange bureau so that visitors could acquire the cryptocurrency to pay for any services that they might need. Marriott was entrusted with the responsibility of renovating the hotel.

Convertible Currencies

While visiting the hotel, Maduro disclosed that “All hotels in the country are authorized to charge in convertible currencies. But this hotel, Humboldt, is going to be a model, a pilot, with all services charged in Petros, so that it produces convertible wealth for our country.”

The president indicated that the Humboldt hotel could be a model for the adoption of petro. Also, he thinks that tourism could be the second biggest international wealth collector if not today but in the immediate future. Therefore, he bets on the tourism industry to come out of the economic crisis.

Article written by Haroun Kola

Haroun is currency trader and introducing Broker based out of Johannesburg Area, South Africa. He believes in freedom of all beings and he is devoting this stream to news about Bitcoin. To know more about Haroun, follow him on Twitter.