Venezuela establishes a national cryptocurrency bank for young people

4 May 2018

Nicolás Maduro, the President of Venezuela, made a speech at a mass ceremony in the state of Aragua, unveiling the plans to create a digital cryptocurrency bank for young people and students, and the bank will start operating with 20 million Petros, a national altcoin.

Maduro said that the new bank was given a contribution in the amount of about $1.2 billion to start its operations and it will be providing support to the cryptocurrency industry. The announcement was made at the event with the participation of young people listed in the Chamba Juvenil Plan, a social scheme promoting the first job among the rising generation of the country.

The President emphasized the crucial role of each higher education institution across the nation in the minimum of crytpocurrencies for the ultimate goal to strengthen the state economy.

Petro coin was introduced in February 2018 and represents an oil-backed cryptocurrency created by the government of Venezuela following the strict command of the President. The effort was opposed and criticized by the national opposition-led congress, which called it illegal and borrowing against the state’s assets. Some time after the introduction of the cryptocurrency, Maduro further announced the plan to establish an additional cryptocurrency backed by the national gold reserves.

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