21:24 GMT11 August 2020
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    With Venezuelan President Nicolas Maduro having already announced the launch of the country's oil-backed digital currency, the petro, Venezuela's young people are currently being lured into getting to know more about cryptoeconomy.

    A training center to teach citizens on cryptocurrency has opened in the Venezuelan capital Caracas, in a move that was initiated by the country's government, according to the Telesur broadcaster.

    The opening of the center comes a few days after President Nicolas Maduro said that the government is launching a new Venezuelan oil-backed cryptocurrency token, the petro, which it claimed is the world's first sovereign cryptocurrency.

    READ MORE: In Venezuela’s Footsteps: Iran Mulls Own Cryptocurrency Amid US Sanctions

    Reuters cited Venezuelan teacher of cryptocurrency trading Carmen Salvador as saying that the government provides "completely free" access for the Granja Laboratorio Petro School given that many young Venezuelans will find it impossible to pay up to 800 dollars for a training course.

    Venezuelan Youth and Sports Minister Pedro Infante, for his part, explained that the school will include a mining farm and a mining laboratory where attendees will be taught how to buy, sell and trade cryptocurrencies.

    "All our technological and computer youth can start a process of training in everything that has to do with the cryptoeconomy, specifically with the petro, the Venezuelan cryptocurrency," Infante said.

    Meanwhile, Maduro said that the petro token had received 735 million dollars on the first day of its pre-sale.

    Earlier, he expressed hope that the petro will turn into an alternative national currency to the bolivar, which is now only worth 0.00003 USD due to years of hyperinflation.

    The goal of the petro's introduction is to allow Venezuela to combat US-imposed sanctions amid a deep economic crisis in the country.


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    petro, training center, cryptocurrency, youth, government, Venezuela
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