Home news States controversial petro cryptocurrency to fund Youth Bank in Venezuela

States controversial petro cryptocurrency to fund Youth Bank in Venezuela

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According to news source Telesur, Venezuela President Nicolas Maduro, on Thursday said the country will set up a bank for students and young people that will begin its operations with 20 million petros.

Speaking during a youth ceremony in the state of Aragua on Thursday, Maduro said that close to $1.2 billion-worth of the cryptocurrency would be given to the new institution to get it up and running, and that the bank would support “productive initiatives.”

Further, He encouraged every university to have a mining farm which would help them to produce cryptocurrencies in order to strengthen the economy of Venezuela.

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Launched in February 2018, the petro is a national oil-backed cryptocurrency developed by the government of Venezuela under the direct orders of the president. The move has been widely condemned as away to avoid U.S.-led sanctions against the Latin American country.

Even the country’s own opposition-led congress has condemned the petro, saying before its launch that it was “illegal” and merely borrowing against the country’s assets.

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