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In Venezuela, opened a 7-star hotel, the rooms offer a magnificent view of Caracas (the capital of the country) and the coast of the Caribbean Sea. The price level of the new landmark is not advertised, but, based on the "star" status, we can assume that it will be very, very immodest.

However, Humboldt is interesting not only for exclusive and non-standard architectural solutions (a 19-storey tower at an altitude of 2140 meters above sea level), but also a form of payment. The hotel accepts exclusively ... El Petro - the national currency of Venezuela. In this coin, Nicholas Maduro sees salvation for the country's deep-rooted economy.

Source: https://news.bitcoin.com/sole-seven-star-hotel-in-venezuela-to-accept-only-petro/

Seems that the government of Venezuela is trying hard to make Petro more  popular among the people.
As the purpose of Petro is facilitating of their oil sale, We should wait to see whether they will succeed or not.

Kind of seems like a get-rich-quick scheme, or maybe the government just wants their share of the crypto profit. Interesting to see what will come out of it.

I rally doubt that this Petro coin will ever be successful, it's even wrong to call it cryptocurrency, it's a worthless token.
You can't even buy it on exchanges, only through official channels run by the Venezuelan government.

I really do wonder how many actual citizens of Venezuela had the means to buy into the ICO.

That's great. A good phenomenon, although this is to avoid inflation, but open a special case of the use of cryptographic currency! Hope that more and more countries will be able to use encrypted money to pay!
 ;D ;D

The Venezuelan authorities are actively trying to popularize the national digital currency. In early May, it became known about the discount on oil in exchange for the purchase of El Petro.

Looking past at the history of governance in Venezuela, I really do not think the government is really bound to use that petro to help the economy but simply to enrich themselves lol. I am saying this because in the past, many coins had done that exactly.

It is becoming obvious that this is not going to really make much waves and it apparently does not solve any problem since it is controlled anyway and would definitely still not stop some level of corruption that has dug in so deep. Not like that was the plan though except I feel some are just bound to get themselves richer from it.

Haizz, I feel sorry for their people, to no food, I do not think they can stay in these 7-star hotels. Forget that they have no money to own a phone or a personal computer  :-[

In fact if many hotels switch to this cryptocurrency, all tourists will have to exchange their coins and fiat for this coin when they are visiting the country because venezueala is great place having too much tourism potential except its economy.

One side I'm sorry for people who is in bad condition in there. On the other hand they are trying to get some attention of crypto investors.

It's just like a mockery of the inhabitants of Venezuela. There are very few Seven-Star Hotels in the world.
Each guest must have a personal butler there. The population of Venezuela need money, people are very poor. And amid insane inflation and problems with work, this hotel looks like a slap in the face.
I'm not a Venezuelan. But people, it's some kind of nonsense. I think this is proof of the policy of President Maduro - the rich get richer, and the poor turn into beggar.
But, of course, from the point of view of the distribution of cryptocurrency, this is good news.  :(

What I see about news of Petro it looks to me like a political bickering with lots of lies. Probably this news is totally false.  But there is lost of fake news about Venezuela in general.   

I would love to hear some real news about petro.  It is not even on coinmarketcap and every shitcoin is there.  I don't think actually exist yet.

Wow this is very cool, that the government of this country today is so much promoting its crypto currency, I think that in any case it will be very good if people can use crypto-currencies across the country, they are starting a very large campaign.

Yes, it is not even listed on the coinmarketcap, but lot of news getting out from different sources related to petro. Looking at it I thought Venezuela government is promoting it to reach a good value. The initiative from the government is truly appreciable, but some lies behind it as mentioned in the above quote will decline its worthiness.

Successful implementation of the coin will show the potential of the technology and increase its popularity in general. This is very good for all of us.

I totally doubt that as well but I believe time will tell. I want to believe this is just a Ponzi stunt that Maduro is just trying to pull to enrich some of the elites pocket as this would eventually turn out to be a worthless shit coin with no one really caring about its existence.

Like you said, it is not even a cryptocurrency, as this is centralized and would be highly manipulated and controlled. On your last statement as well, I would not be surprised that only the elites had the chance to distribute the large chunk of the token among them-selves and I would not be surprised.

*sigh* I really feel sorry for Venezuelans, their country is on the verge of state collapse and the leader builds a 7 star hotel that accepts only crypto?

Yeah, that isn't going to save his country at all.

On top of that, I can see this being another complete financial failure along with a whole string of failures (like squandering all the oil and gas they have).
How on earth is this going to drive up the price of El Petro?
Who would ever want to buy and trade El Petro?

Think about this...why would anyone want to go on vacation to Venezuela in the first place?
Especially Caracas is dangerously unstable right now.
A 7 star hotel will attract the ultra rich clientele and they have freedom to go anywhere they please, so if they are looking for a 7 star hotel experience, they would to Dubai, not Venezuela.

And for the rest of the world, the 99% of us that aren't ultra rich, we have no use for this coin because we aren't scrambbling to go to venezuela to stay at a 7 star hotel.

I wonder where El Petro is traded? Can't find any information on coinmarketcap or on exchange. How can this hotel accept el Petro if it is not traded? Also I doubt about any future of this coin, seems like weak attemp to fight against hyperinflation in Venezuela

Another pump dump coin but to save the country's economy.  I think if this scheme will not be successful, it can end up very bad for the country. It is also not well established.

very good for the stability of petro coin and also the existence of petro, so petro able to control all transactions in venezuela. not just hotels, but also malls, and in every small transaction.

petro must be saved, because petro coins have the potential to make Venezuela a developed country.

Maduro is really making a tremendous move to get the coin into action. I really do not know why a lot of people threw a blow at him for that move though, but with the way things are going, the coin may actually start having some relevance locally and internationally as the case may be. I guess blockchain technology is already bringing about somethings to look forward to in most countries, but at the same time, I am still very skeptical about the success of this coin as well. Let's see how things turn out.

I think that more important news is about Maduro and Crypto Bank for the youth. It is really progressive and positive for the economy.
https://cryptovest.com/news/venezuela-opens-cryptocurrency-bank-for-young-people/

News about the 7-star hotel reminds me of "Feast during the plague." It would have been more logical if we had discussed such a hotel in UAE (The United Arab Emirates), and not in Venezuela.

The Petro is just another stupidy that follows a long list of stupid things that have driven a great and rich country into an economic crysis. Is like lending money to someone named Mr. Ponzi.

I like the approach they use to develop and strengthen their cryptocurrency. It's really great to see that the government fully supports crypto and shows a good example for other countries. I hope it's just the beginning of a huge crypto revolution.

Problems in the economy can be solved only systematically, that is, have a clear plan of action in a variety of directions. Otherwise it looks extremely stupid.
P.S. Maybe I'm behind the times, but I thought that the number of stars in the hotel can be no more than five.

Unfortunately, Hotel Humboldt is four stars only. I could not find any 7-star hotel in Venezuela. To me looks like s fake news.

I am positive both political options in Venezuela and their foreign supporters are using petro for their bickering.  I think most of news we heard till now are totally fake.   That is why I take all this news with huge reserve.

No doubt. I dont even see the possibility that this would help out the economy but would rather they would only benefit theirselves and also this isnt a crypto after all which it is just simply a token which is centralized and being created for the sake of their own aim or goal.Good idea but doesnt really implement the true essence.This is just turns out to be a typical fiat money.

What kind of altcoins is El Petro? Forgive my ignorance. I have not heard of this coin. It seems that it seems to be issued by Venezuela in the name of the country.

I think the Govt. of Venezuela is accepting cryptocurrency concept in his country. No matter what is that currency BTC. I hope they will set some rules and regulations and will legalize crypto in their country widely. And we will see the development of them in this sector soon.

That kinds will be only implemented in the venezuela as its own crypto. Remember maduro has a lot of control over the country. He can create anything to make his petro will be adopted by a lot of people in the country. I just believe another place or majority of service and store in the venezuela will be adopting petro as a new form of payment soon.

Another big step of Venezuela towards cryptocurrency. Though I doubt if it's ever going to be successful or not.  Let's see what happens.  :) :)

Pretro coin is not that much popular among people. Besides, the growth of petro is not that good. I don't know why did the government choose petro to deal with. But, in one sense it is good that the crypto currency is flourishing throughout the world.

Venezuela wants to connect their people with their digital currency. That's why they connect with petro. But from my perspective i think there are many people’s who don’t like petro coin. Now see what happen next.

I wonder what status this hotel has. I would not be surprised if it belongs to President Maduro himself, or to those close to him. But the experiment with their Petro is very interesting. Will this Petro be able to raise the country's economy or at least bypass international sanctions.

Where is this hotel? Because I cannot find any seven star hotel in Venezuela. I am afraid that this is not so real news or at least it is blown a lot.
I see no reason why hotel would not use crypto especially when the inflation is rising.

Venezuela is a specific country with big economic problems and poor violence. I think that such an idea is called at least somehow to attract money

The first and one of the biggest problem is that it's in Venezuela - a country that is struggling to even exist right now thanks to its corrupted government that has just made all the problems possible...

Literally makes zero sense to only accept crypto.

A hotel with seven stars?  :o :o :o
I traveled the world a lot, but I have never seen a hotel of this level. Who in Venezuela will stay there? I think that the month spent at this hotel will cost like buying a house.
President Maduro is certainly a "good man", maybe he is trying to somehow revive the country's economy and overcome the collapse of inflation. But the hotel is 7-star. Oh my God. Maybe it's rumors, as many wrote in this post.

A good way to advertise the country's token!! This is also a good way for some ICO project to consider with to have a contract with business establishments wherein they can use their token aside from hold and sell methods, they can use it to book rooms...

it's just a sweetener promotion for their economic escalation, I'm reluctant to visit there because venezuela is going through a crisis leading to anarchist demos, but their decision to create petro is true because it can affect the investment climate beyond fiat. I am sure they will rise from adversity.

This is maybe a publicity stunt. As petro is not a popular one this measure is taken to make it popular. Though I would suggest bitcoin in petro's place but still a crypto in being accepted and that is a good news indeed.

I wonder what it all looks like...I am such a laptop to the Reception of the hotel come up and say Hello to me Suite for a week purse number your dictate. ha ha

Obviously a way for the country to be pushing its digital currency for usage. Firstly, we should consider that anyone who is going to be making use of this hotel would be elites from the country itself and from other countries since it is not going to be a small price to pay for it. However, it is a good thing that the government is really trying to push the currency and who really knows, it may be a step forward for Venezuela as a whole. I guess time will tell.

Does anyone know how deep El Petro penetrated the country's economy? It seems to me that I should start not with an expensive hotel, but with something more accessible to the public. For example, use crypt for payment of utilities or the Internet)))

An interesting news to be discussed and independent of the currency "El Petro" is that really the government of Venezuela will allow the crypto dominate your country? A question to think about, however this hotel is adept at new technologies and payment systems, is soon following the future that will be of digital coins. Perhaps we can also consider this news as a first-rate marketing to show that digital coins are already in the reality of South America.

In Venezuela a seven star hotel accepting El Petro but the thing is bitcoin should be accepted but there is no facilities yes everything has some limitation so el petro has this facilities but if we see about bitcoin its using in a vast area also we can do trading all over the world also restriction free trading . We can do whatever we want from currency.

Sale of its own Venezuelan crypto currency, called El Petro. The cost of one unit of a crypto currency will equal the cost of a barrel of Venezuelan oil - about $ 60 at the present time.
El Petro can be used to pay for goods or services, pay taxes, fees and duties on the territory of the country.

Seven stars hotel sounds funny, but anyway what a pathetic attempt to boost usability for el pettro

Any government is corrupt. Just sopem more then others. For socialist model of governance it is known that are more corrupt. But of course socialist governance brings profits to other aspects of society.   So blaming corruption in government for Venezuelan "struggling to even exist"  is a bit sill. If anyone is guilty that Venezuela is "struggling to even exist" are those that dont allow them to trade in global market and are puting embargos on Venezuela.  Without that pressure would be way easier.

There is just so much wrong with this story.  On the human side, the country is investing in a 7-star hotel while its citizens are eating dogs and rats to stay alive.  Considering only around 150 7-star hotels exist world-wide, the investment must have been huge.  I suspect this project was funded more for personal payoff than for the economic return.  Sickening.

On the crypto side, El Petro goes against EVERYTHING we as a crypto community stands for.  I'd like to ask someone who supports it one question... what separates El Petro from any other fiat currency?  Before you answer, consider there are roughly seven digital dollars for every printed dollar. 

Wow, this news looks really good. This will encourage both local people and tourist to exchange their money into crypto, and this is a step forward for the crypto market.

that is very welcoming that Venezuela is supporting cryptocurrency. but my question is why only El Petro. i believe they are in the right path but they have to be more open minded so that all the curenncy get promoted may be they are tring to make El Petro more popular there than other cryptocurenncy.

It makes even less sense to only accept this piece of dictatorship issued shit coin. As if any of the Venezuelan people could afford to stay in that hotel.
Most of those Petro coins were bought by russian investors btw, no-one is going to spend them for taking a trip to Venezuela.

The country is in total shambles and Petro isn't going to make any of it better.

my country also has a crypto currency, but I have not heard of such projects in my street. I think that's a good idea.

Can anyone let me know what is El Petro? I don't even know about it. Beside I think it's a good way to promote for a new cryptocurrency :)). A lot of people will interested in cryptocurrency and start exploring about it then Venezuela will become the next country legalize cryptocurrency as a local currency :)

I think that similar projects should be developed in other countries. I think that most countries have own cryptocurrencies.

I don't think Petro will succeed. This is not a centralization block chain project. It's just another way of Fiat. This country should try to help people solve the food problem, rather than open up some luxurious facilities.

I think that such national crypto currencies can help raise the economy to poor countries. I think that this will attract foreign investment.

El Petro is controversial, on the one hand it is good to increase popularity of crypto, but on the other hand, it contradict nature of crypto.

Now that election time is over, I haven’t heard a single word about El Petro from Maduro and his authorities. There’s a possibility that tho whole Petro project’s been a pre-election step to collect votes and create an illusion of upcoming economic stability. If we assume that this crypto was an instrument to overcome sanctions or inflation, then it didn’t work either. Just have a look at Venezuelan oil industry.

Crypto should stay decentralized, El Petro is a good example of what happens when dictators try to get involved in this sphere without common knowledge. Spoiler: it failed

This move by Venezuela strongly proves that the potential of blockchain technology is enormous, the application prospects are broad, and the development of blockchain technology is strongly promoted, which is very beneficial to all of us. He showed people the beautiful future of blockchain technology.

Oh, it's really amazing, I am sure that it is the one more step to the crypto's spreading and all people will recognise this one all over the world, I believe that crypto will be accepted much early in countries with such trends. They are too promising for the development for the future.

Good news, I think. The world goes to the crypto's recognition and it is very promising as for the crypro as for us as well. I hope it will be going on.