Venezuela Encourages Crypto Mining

The Venezuelan Government is launching a cryptocurrency mining program for 1 million people.

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It seems that the Maduro administration in Venezuela is keen on becoming known for its efforts towards monetary sovereignty in the realm of digital currencies. The country has just recently put out the world’s first national cryptocurrency last month. Now, they are encouraging the Venezuelan youth to engage in cryptocurrency mining.

Plan Chamba Juvenil Digital

The Plan Chamba Juvenil is a program in Venezuela that provides opportunities for the youth to find work. Maduro says that the Venezuelan youth is not only the country’s future, but also their present. So the country should focus on empowering the youth by giving them the tools and opportunities they need.

Registration for the program will be until April 15. As of March 14, 879,000 youth have joined the program.

In the digital sector of the program, there will be youth training and development courses on cryptocurrency mining. The mining will not be limited to the national cryptocurrency, Petro. Maduro says that it will be open to other coins in the world.

The Venezuelan President tweeted:

In English, it roughly translates to:

Attention Youth! Today arises the Chamba Juvenil Digital, for the youth training on cryptocurrency farms and that they can mine international coins. Because Venezuela does not give up! #YouthPetroandFuture

Crypto Mining Farms

Maduro wants a large Petro farm to be built in Caracas. Other than that, there are plans of 24 cryptocurrency farms to be built as part of the youth training programs.

The project will cost the Venezuelan government around 96 billion Bolivars or $2.9 million.

The country has opened its doors to more cryptocurrency mining operations in the country. With its low energy costs and encouraging government, Venezuela may attract miners from around the world.

Venezuela is certainly making a name for itself in the cryptocurrency industry. It is rare to see a government so supportive and encouraging of cryptocurrencies and blockchain technology. We will see how these efforts will play out in the coming months. Until then, we can only hope for the best for the Venezuelan people.


Images from Nicolás Maduro’s Official Twitter Page

 

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