Maduro Promises ‘Revival’ for Venezuela’s Foundering Petro Token


Nicolás Maduro, the disputed President of Venezuela, has predicted big things to come for crypto in the nation in 2021 – claiming that the state-issued petro (PTR) token will undergo a renaissance in the year ahead and stating that a “complete digitalization process” will transform the economy in the next 12 months.

In an address to the nation in the parliament building, Maduro spoke of a “revival” for the petro, which many observers have claimed has thus far failed as a token, with few citizens genuinely keen on using the token in real-world scenarios as anything other than a gateway to bigger tokens or international fiats.

But the petro revival will be a key pillar in the goal of attaining total economic digitization, Maduro added.

He spoke of sparking an economic recovery, using popular cryptoassets and blockchain technology, and stated,

A post shared by Policía de Carabobo (@policarabobo)

Under legislation introduced last year, crypto mining operations must be reported and registered with a central regulator.
Learn more:
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Venezuela Unveils State-run Bitcoin, Litecoin, Dash, and Petro Exchange

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