Venezuela chief adamant to operate El Petro CBDC in 2019

Venezuela chief adamant to launch El Petro CBDC in 2019

The President of Venezuela Nicolas Maduro is adamant about seeing the launch of central bank digital currency (CBDC) El Petro into the cryptocurrency sphere and on to the exhanges, expresses the premier in a speech.

The Venezuelan, Nicolas Maduro, has stated that protectorates and states will receive one million (1M), El Petros, two times a month. He added that the government looks forward to assigning over one million euros ($1,354,000) to over three million euros ($3,249,600) to protectorates and state governors.

Maduro also talked about how the scientific community of the country will be allowed to receive payments in El Petro.

The need for El Petro CBDC

The President had made these statements to press on the country’s economic development, which has suffered a lot in the past, causing citizens to leave the country.

The President had told Banco de Venezuela to allow people to buy or trade Petro, a cryptocurrency issued by the government.

It has been reported that the President, along with his administrators, has been using a digital wallet application that allows users to convert tax revenue from a major airport to Bitcoin (BTC). This was done to avoid the United States’ sanctions. The country’s central bank has been investigating if it could stack cryptocurrency in coffers.

The Venezuelan government had won the elections when there were allegations that the international standards of freedom and fairness had not been met.

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Johnson Go

Written by Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.