president Nicolás Maduro announced the launch of a -funded crypto bank to support initiatives from youth and students, Latin American government-sponsored news outlet reported yesterday, May 3.
During а speech for the Chamba Juvenil Plan, a social program that promotes jobs for youth, Maduro also noted the necessity of universities maintaining their own crypto farms to support the national economy.
According to the The digital crypto bank will be funded with 20 mln Petros – Venezuela’s government-issued cryptocurrency – which Maduro said is equal to close to $1.2 bln. The Petro pre-sale, which from Feb. 20 to March 19 and raised $3.8 bln from 127 participating countries. The initiative has internationally over the national cryptocurrency’s role in the global economy, particularly in regards to the Western economic sanctions currently in place against Venezuela.
As Venezuela’s economy is currently experiencing hyperinflation, the use of decentralized cryptocurrencies like bitcoin (BTC) has to citizens that may see crypto as a less risky investment than the Venezuelan bolivar.
Published at Fri, 04 May 2018 17:25:15 +0000
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