Venezuela sets up youth bank to support petro and encourages universities to set up mining farms

According to a report by Venezuelan state news agency Telesur, Venezuelan President Nicolas Maduro announced the formation of a "Youth Bank" to support their recently launched national cryptocurrency, the Petro. In addition, President Maduro also urged his countrymen to continue mining the Petro, including creating mining farms.

Ahead of Venezuela’s May 20 national election, current President Nicolas Maduro launched a “Youth Bank” project to support the country’s national cryptocurrency, the Petro. In an effort to attract a younger population, Venezuela will allocate 20 million Petros to them.

The Petro is a national cryptocurrency experiment that has attracted global attention as Venezuela seeks to circumvent sanctions imposed on it by industrial powers such as the U.S. President Maduro appears to have worked closely with Russia to launch the first government-backed national cryptocurrency.

According to President Maduro, he plans to invest $1 billion worth of Petro to support the new bank, but the specific operation of the bank has not yet been clarified. In fact, the attitudes of different government departments in Venezuela towards Petro are also quite "divided" and there are also disagreements - the Venezuelan Congress has previously declared Petro illegal. However, President Maduro joked that he is studying another national cryptocurrency backed by gold.

Encourage the construction of mining farms

Recently, Bitcoin has also appeared in Venezuela Cash charity foundation EatBCH (BCH Venezuela Poverty Alleviation), a young Venezuelan man uses decentralized open-source cryptocurrencies such as Bitcoin Cash to help people in his hometown escape hunger during the economic disaster. Over the past few months, the organization has been collecting Bitcoin Cash donations and has been using the funds to buy food and provide food to Venezuelans in need. For more than three months, the organization has posted photos of children and adults receiving various foods on Twitter almost every day - and these are all paid with Bitcoin Cash.

President Maduro is now continuing to urge large-scale mining of the Petro throughout the country, arguing that universities also need to create mining farms to support the national cryptocurrency. Not only that, President Maduro also wants the country to attract at least one million people to mine, such as university students, the unemployed, single mothers and the homeless.