Nicolas Maduro, the Venezuelan president, has announced the launch of a cryptocurrency bank for young people and students. The institution will be financed by Petro , the state's cryptocurrency, based on Venezuelan oil.
The bank supports "productive initiatives"
A ceremony, during which the president of the country said that the youth bank will begin operations with 20 million Petro, was held in the state of Aragua. About 1.2 billion dollars in cryptocurrencies will be invested in the bank so that it can work, according to the Telesur information source.
In order to strengthen the country's economy, Maduro encouraged each university to have a cryptocurrency mining farm. "It would produce virtual currencies," the president said in his speech.
The goal of the bank is to support "productive initiatives," which include young people. The Chambra Juvenil Plan, a social employment promotion program for unemployed youth, is one example. It has more than one million young people and half a million should join him in the coming months.
Promote the global adoption of Petro
The news came as the government approved and certified 16 cryptocurrency trading websites. This move greatly facilitates the adoption of Petro, according to the president. "The certification of these 16 trading sites is a demonstration of confidence in Petro's system as cryptocurrency, and will provide better liquidity and a solid transaction volume," Maduro said.
However, the obstacles are numerous for the cryptocurrency issued by the country, even if it was developed under the direct order of the President of the Venezuelan Republic. Opinions within the government are divided.
Shortly after the launch of the Petro presale, Maduro announced that it plans to a second cryptocurrency based on the country's gold reserves.
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