Venezuelan President Nicolas Maduro (Nicolas Maduro) announced the creation of the youth and students of the digital cryptocurrency Bank, which will start its activities with a Fund of 20 million El Petro (PTR).

The head of the Latin American States said that the funds of the new institution in the amount of approximately $1.2 billion will be allocated to support “productive initiatives” young citizens of the country.

His statement, Maduro made during a speech at a mass event in Aragua state. In it he also stressed the need of organization in every school in the nation mining farm for mining cryptocurrency to “continue strengthening the national economy.”

National cryptocurrency El Petro provided by oil, was launched in February of this year. And from that moment on, Nicolas Maduro, was noted by a number of controversial statements. So, according to him, for the first day of presales, PTR received $735 million, but experts have not found confirmation of this.

In early March, the head of Venezuela announced that the total amount of pre-sale of national cryptocurrencies have brought $5 billion. However, at the end of next month, has already announced another figure presale — $3,388 billion.

Immediately after the start of sales February 20 PTR Maduro has announced the launch in the “coming days,” the new cryptocurrency — Petro Oro. Two months later, in late April, he repeated once again that Petro Oro will be “activated in the coming days.”