Venezuela is not letting the negative views of cryptocurrency stand in its way when it comes to the development of cryptocurrencies. Petro in particular, the countries own cryptocurrency has faced a lot of scrutinization along the way, but, despite this, the government are actually making big plans for Petro, with the aim of creating a digital cryptocurrency bank which is directly targeted at their younger residents. The venture is set to receive $1.2 billion worth of funding which will be in the form of 20 million Petro.
Because of the criticism that it has faced, this can only be a good thing for Petro. Although there was initially a lot of hype surrounding this project, a lot of questions still need to be answered, with regards to the future of the cryptocurrency in order to encourage people to invest in it, and this new venture could do just that.
The Venezuelan government is launching a specific new digital currency bank, which will promote the use of Petro, as well as hopefully alleviate some of the financial concerns that the country have had for some time. It is sadly known for financial instability, but by setting up a cryptocurrency bank, it could lead to more interesting developments further down the line. The bank has been designed for youth and students, which shows just how much faith the Venezuelan government has in the cryptocurrency, and feels that introducing youth to the whole concept of cryptocurrencies will be a positive thing; however, it is unclear when this will happen.
This new project will not be cheap to fund though, despite being initially funded with 20 million Petro, which is over a billion dollars, which only further adds to the real-life value for Petro, and is part of an ongoing plan which is associated with cryptocurrency and Venezuela.
President Nicolas Madura went even further as well, by making it clear that he values all of the schools and universities in the country, but also believes that each of these institutions should have the ability to mine cryptocurrencies. Many do have concerns over these new plans, mainly because the value of Petro is very unclear. It is backed by oil reserves, and yet it remains to be seen how useful this will actually be when applied in the real world.
Only time will tell how successful this project will be, and whether making the cryptocurrency accessible for younger years will actually boost Petro.