The Venezuela Government has started a school to teach its citizens about cryptocurrency trading and also the country’s oil-backed Petro currency.
Estimating Petro Currency
Recently, the Venezuela government launched its own Petro currency; it has now opened a training center. It is to impart its citizens about the cryptocurrency trading and specifically on the owned currency.
According to the reports, the training center is at the Granja Laboratorio Petro School in Caracas. Particularly, aiming to teach people how to buy, sell and mine cryptocurrencies and also explains the depth of crypto economy.
Venezuelan crypto teacher Carmen Salvador told Reuters on Friday:
“What we hope to do with this, primarily, is to make knowledge accessible to any new methodology or technology. Often, access is difficult for those that don’t have resources, so we’ve designed this plan with completely free training, and in any international market, a trading course cost more than $500 to $800. Many of our young people here find it impossible to have this amount of resources, [but] the Venezuelan state is guaranteeing that all can participate in these plans.”
Petro was the first issued cryptocurrency by the Venezuela government at the earliest days. In the retort to the financial sanctions applied by the European Union (EU) and the US.
The Venezuelan currency has spread an immense interest amongst tech and international communities. However, each Petro token is to back by one barrel of the country’s natural resource. Although some belief says that oil has to be underneath the ground.
The Venezuelan President, Nicolas Maduro said,
“That his government has raised US$1 billion in the first two days of the Petro sale. While its website received almost one million visited over the same period”.
Also, recently, President has proclaimed his purposes of declaring a government-issued second cryptocurrency named Petro Gold. The socialist leaders said in a televised speech:
“Next week I ‘m going to launch the Petro Gold, backed by Gold, which is even more powerful, that will strengthen the Petro.”
Accordingly, as the name suggests, the Petro Gold is backed by the country’s precious metal.
However, the primary intention of the new currency introduction is to allow the country to combat the US applied sanctions among economic crisis. Meanwhile, the Petro’s adversaries claim that investing in that cryptocurrency is like supporting the corrupt system. Thus, for the government which is not able to provide basic needs to its citizen as cracking down on human rights.