Venezuela’s Maduro encourages residents to mine cryptocurrency

Venezuela’s Maduro encourages residents to mine cryptocurrency

Cryptocurrency has faced different reactions all around the world. States are either banning cryptocurrency and ICOs or embracing these digital currencies. In Venezuela, people are being called upon to build cryptocurrency mining farms throughout the country. The government is putting up crypto mining programs to help more citizens join the nascent industry. President Nicolas Maduro is hoping that at least 1 million people will join the program. The targeted groups are university students, the unemployed, single mothers and the homeless.

The president said that the objective of this project is to strengthen the use of cryptocurrencies as part of an economic revolution to democratize the international financial system. This will have the petro and all the cryptocurrencies like legacy Bitcoin (BTC), ether, litcoin and the likes. This will also accommodate the new cryptocurrencies that are being created. Speaking in Caracas, Maduro called on young people to be “infected with courage” and set up cryptocurrency farms all around Venezuela, according to a Telesur report. The government is targeting the young people who make up 60% of the Venezuelan population. So far 879,000 are believed to have joined the program with many more expected to join before the end of this year.

According to the local to the news report, the program is called Plan Chamba Juvenile Digital (Youth Digital Work Plan). The registration of this program will start on April 15.

In a press conference held on Thursday, the Venezuelans’ youth minister, Pedro Infante said that the government is planning to build 24 cryptocurrency mining farms to help train the people in matters relating to cryptocurrency.  He also stated that the government has approved 96 billion bolivars (US$2.9 million) for building the mining farms.

In February the government opened a school to educate its citizens on cryptocurrency. This has helped many understand more about what the digital money world is all about. Many have been able to make informed decisions in matters relating to cryptocurrency from the teachings in school.

Venezolana de Industria Tecnologica (VIT) will be collecting mining rigs for installation through Venezuela.  According to Ultimas Noticias, the president of VIT explained that they will be working on the creation of petro container which is portable centers for mining.

There are hopes that the mining process will strengthen Venezuelans’ digital currency, the petro, whose pre-sales supposedly started in February.

The vice president presented the Draft Constitution law on Petro to the national Constitution Assembly. Despite the many calls to join these programs, the National Assembly has discouraged this new currency declaring it illegal and against the constitution of Venezuela.

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.