In February 2018, Venezuela launched the local cryptocurrency El Petro, provided with oil. According to the President of Venezuela, Nicolas Maduro, for the first day of preliminary sales, 735 million dollars were invested. This information is disputable, as the specialists did not find this statement to be confirmed. In addition, in March, it was first announced that the sale of cryptocurrency brought $ 5 billion, and after a while – 3.39 billion.
The other day the President announced that a new cryptocurrency bank will be created in the country, aimed at young people and students. The initial fund of the bank will be 20 million El Petro. This financial institution will also be involved in supporting production initiatives from young people. In addition, Maduro said about the need to create a mining farm in each university on the territory of the state, the main purpose of which will be to strengthen the country’s national economy.