According to Telesur, on Thursday may 4, Venezuelan President Nicolas Maduro announced that his country will establish for students and young people a special Bank that will work with 20 million “petro”.

During a speech at a youth event in the Venezuelan state of Aragua, the President said that to put the Bank on its feet, will be allocated to “petro” approximately $ 1.2 billion and that the Bank will support “productive initiatives.”

In addition, Maduro said that each University should be mining-farm for mining cryptocurrency – to strengthen the economy of Venezuela.

Digital coin “petro” was released in February 2018. She is a national “oil” cryptocurrency developed by the Venezuelan government with direct orders from its President. Many have criticized the initiative because it aims to bypass sanctions against Latin American countries.

Venezuelan cryptocurrency criticized even his own Parliament,although Pro-opposition, calling it “illegal,” and just borrow from the assets of the country.

Shortly after the start of presales “petro” Maduro has announced plans to release second national cryptocurrencies to be backed by gold reserves of Venezuela.