Venezuelan President Mandates Banks To Mine Crypto-Currency - MnTrendsNews


Friday, 23 February 2018

Venezuelan President Mandates Banks To Mine Crypto-Currency

Venezuelan President Nicolas Maduro  has mandated all Savings banks in the country to mine the new national cryptocurrency, the Petro. But Union leaders in the country are doubtful over the sincerity of the cryptocurrency as they claim it is a scam.


  • The President has “authorized all savings banks in the country to join the cryptocurrency production system and acquire the petro to contribute the benefits to their workers,” according to the government’s website
  • He said the banks could develop cryptocurrency mining farms and increase the benefits for their 6 million plus workers.
  • He said the banks can do the mining using the state-provided petro container.
  • Union leaders however have rejected the move by the President, as El Nacional reports.
  • Ana Yanez, the national coordinator of the National Union of Workers rejected the move and said that everything imposed on the workers by the Executive was null and void.
  • "That seems to us an abuse of power and a totalitarianism. In addition, it [the petro] is a virtual currency that violates the Constitution. As workers, we disagree that this cryptocurrency is imposed on us." he is quoted saying.
  • The National Coordinator of National Federation of Public Sector workers described the petro as a scam.
  • He claims it is a scheme by the government to launder drug money and threatened to protest if workers are forced to use the Petro.
  • The Secretary General of the Oil workers in Falcon State Union said he disapproved of the cryptocurrency mainly because oil reserves were being used to sustain it.
What do you think? Will Maduro's plan sail through or will it be resisted by Union leaders in Venezuela? 

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