President Nicolas Maduro: New Age For Petro (PTR)  Cryptocurrency

The “Petro Flame” seems to be growing brighter despite the condemnation and criticism with which the Venezuelan national crypto currency has been confronted as locally and as internationally due to its occurrence in February 2018. The president of the country announced on May 03, 2018 that Venezuela is on the verge of creating a youth bank, which will be fully financed by the oil-backed digital Petro (PTR) altcoin.

According to terrestrial and satellite television network Telesur, President Nicolas Maduro has announced that the oil and stable mineral-rich nation is starting a youth bank to be powered by 20 million Petros (PTR).

Attending the event in the state of Aragua, organized exclusively for young people, a number citizen of Latin America said that the bank will allocate $ 1.2 billion, so it can work optimally and maintain “productive initiatives.”

Maduro also called on all Universities in the country to develop their cryptocurrency production facilities in order to support the growth of the country’s economy.

Is it just business or just self-interest? Whereas Maduro and some of his cabinet members strongly believe that they are struggling to liberate their nation from the oppression of the world superpowers using blockchain money the initiative was subjected to constant criticism and abuse.

Yet, Maduro and his adherents seem not to be outraged by criticism and continue to reinforce Petro as much as they can. On April 11, 2018, the BTC manager reported that Maduro instructed all governmental companies and organizations in Venezuela to perform transactions using petro.

It is noteworthy that the Central Bank of Venezuela (BCV) was also empowered by government decree to take national crypto for all exports of reliable mineral resources of the country, including gold from small mining enterprises and handicrafts. In the same month, the president answered his critics:

 “I ask the world for respect. We do not get involved in the financial initiatives of other countries, whether they are powerful or not. Why does Venezuela have to be persecuted for trying to create a source of financing for its development, its happiness, for peace and economic expansion? The petro will continue its course, and nobody will be able to stop our cryptocurrency.”

As the country still has internal and external crisis, the thing the country can do is to wait whether Petro will succeed in his desire to restore the Venezuelan economy.

 

 

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