Venezuela has been attracting a lot of attention recently, mostly because of Petro, the first state-sanctioned cryptocurrency. Ever since its introduction, people have been wondering what would be the further developments. It now became apparent that the government has initiated a crypto mining program involving up to 1 million people. All it seems rather peculiar, especially since it’s not connected to Petro at all.
Since the announcement of Petro everybody has been interested in the new state cryptocurrency, but its legal status is still being debated. The introduction of Petro didn’t decrease the interest in Bitcoin, however. On the contrary, Maduro wants to support this “legitimate” cryptocurrency by motivating unemployed and poor people to mine them. Even single mothers are going to be part of this government program.
This sudden change, of course, is very unexpected. When Petro was being sold, everyone thought it’s going to be the only legal cryptocurrency or the only cryptocurrency that really matters. Now the government is ready to deal with multiple currencies, mostly to be able to attract more international investors.
The new program is called Chamba Juvenil Digital, and it’s open for registration until April 15. If everything goes as planned, it would not be difficult to enlist one million participants or more. The government is going to construct two dozen cryptocurrency mining farms. Young people under 35 will be especially motivated to participate in the program, as they are “target of interest” of the Venezuelan government.
How successful this masterplan will turn out to be, time will tell. In the past, the government imposed rather draconian regulation on mining, and this sudden change may be seen as an act of desperation. Anyway, trying to save the country from poverty using cutting edge technologies is interesting and refreshing.