State news agency Telesur reports Venezuela president Nicolás Maduro has announced formation of a youth bank funded by the country’s recently launched cryptocurrency, the Petro. Mr. Maduro also took the opportunity to urge countrymen to continue mining its state-backed digital money, including creation of mining farms.
https://news.bitcoin.com/venezuelas-president-launches-crypto-funded-youth-bank-encourages-mining-farms/Venezuela’s President Creates Crypto Funded Youth Bank
Embattled Venezuelan president Nicolás Maduro, ahead of a contentious May 20 national election, has launched a ‘youth bank,’ funded by the state-backed cryptocurrency Petro. Aimed at appealing to its younger population, 20 million petros are to be allocated.
Petro is a closely watched experiment for countries feeling the sting of sanctions meted out by the likes of industrial powers such as the United States, sanctions the once-oil rich government routinely points to for its current economic ills. Mr. Maduro seems to have worked closely with Russian operatives to bring about a first: a state backed, oil backed cryptocurrency. The country’s current economy is in shambles, and daily horrors abound, flooding headlines.
You thoughts on it?
