Governments opening their cryptocurrency platforms is now a reality after Venezuela launched its own digital currency Petro. After the government claimed that it had collected more than $750 million on pre-sale of Petro, it has now moved forward to open doors to cryptocurrency training center at Granja Laboratorio Petro School located in Caracas. This school is meant to educate all the interested citizens on the way to buy, sell and mine cryptocurrencies as well as understanding how cryptocurrencies work.
According to Carmen Salvador who is a crypto teacher:
“Our main aim is to make knowledge accessible to any other new technology. This is because at time access can be difficult especially for people who don’t have the resources and that’s why we have decided to offer free training. Crypto training is very expensive at the international level as it costs between $500 to $800. So we have decided to ensure every citizen has the knowledge so that they can participate.”
In the meantime, Venezuela state is proving itself not capable of providing basic necessities like food. The country is facing an extreme economic crisis because of massive unemployment, poverty, and severe food shortages. More to that it’s good to note that the school has been opened by the government so it’s likely to focus on Petro alone instead of all digital coins like Ethereum, Bitcoin, Dash, Ripple and the others.
Is Venezuela offering a genuine coin?
According to Petro’s whitepaper each Petro token will supported by one barrel of oil which is the country’s main resource, but many people have said that the said oil is yet to be pumped from the ground. More to that the government is not fully in control of the oil drilling ventures something that has to lead to more speculation about the reliability of the cryptocurrency.
Nicolas Maduro who is the country’s president is said to be planning to launch a second digital currency Petro Gold which will be backed by the country’s Gold. But despite his efforts, many investors believe that investing in Petro is very risky because the president could be just raising finances to support his corrupt government which is unable to provide basic needs to its citizens while breaking all human rights.