Venezuela announces Crypto “Youth” Bank
Nicolás Maduro, The president of Venezuela, revealed plans of introducing a digital currency bank for youth and students.
During a youth ceremony in the state of Aragua on Thursday, president Maduro said that close to $1.2 billion-worth of the cryptocurrency would be invested into the new venture, and that the bank would support “productive initiatives.”
The bank will start operations with 20 million petros. The national oil backed crypto currency was launched in Feburary 2018, by the government of Venezuela. The initative has been seen as a way to supplement Venezuela’s bolivar fuerte (VEF) currency and help overcome US sanctions.
The bank intends to help the youth part of the Chamba Juvenil Plan, a social program which promotes jobs for unemployed youth, by providing new opportunities. The introduction of “farm”s for crypto mining in universities and lyceum had also been mentioned and looked to the strengthening of the national economy.
The president announced that one million young people are now part of the Chamba Juvenil Plan and half a million more is expected be added in the coming months through the Carnet de la Patria, a mechanism that allows the population to receive directly the benefits offered by the government.
Image via Bloomberg