Yesterday, the President of Venezuela, Nicolas Maduro, announced the launch of a new program directed to instruct young Venezuelans to mine cryptocurrencies. The government will also construct mining farms all across the country, according to an article by Telesur. This will be done in a program called “Chamba Juvenil Digital”, Digital Youth Work, that will encourage youngsters and unemployed people to be instructed and to work in government crypto-farms.
In this tweet, he states that “Today Digital Youth Work arises, to instruct youth in crypto mining farms, to mine world cryptocurrencies. Because Venezuela doesn’t give up!”. Earlier this month he also announced that VIT, a Venezuelan tech company will start assembling its own mining rigs, dubbed the “E-8000”. In a contact with Maduro, Jorge Michainaux, the president of VIT stated:
The principal project that we have here is the development of a mining equipment developed here in VIT and designed by our engineers. That’s the E-8000″
An equipment called Petro container was also announced; a portable mining rig for the national cryptocurrency, the Petro; and the design and construction of the mining racks for these pieces of equipment.
Last month, Venezuela was in the eye of the cryptocurrency world, due to the presale of their official crypto coin, the Petro. It was the first national ICO, and the president stated that more than 700 million dollars were collected. But the Petro was declared an illegal debt instrument by the National Assembly, the legislative body of the country. It seems like Maduro has put all his hopes on the Petro to attract investors and get dollars. Venezuela is facing US sanctions since last year, and it has been harder and harder for Maduro to gains access to additional funds. We will see if this strategy succeeds, or if it flops.