Venezuelan President Maduro Promises 2021 Will Be the Year to Boost Usage of Petro

Venezuelan President Nicolás Maduro has claimed that 2021 will be the year of the state-sponsored Petro (PTR) token. He also promised to advance an agenda for a “100% national digital economy” through a “full digitization process”.

77% of commercial transactions in Venezuela are carried out through digital solutions in Bolivar

During an annual speech to the National Assembly, Maduro talked about a “revival” of the Petro, a cryptocurrency that some analysts did not see as having strong potential, at least in terms of adoption.

However, the Venezuelan president believes that his economy’s agenda should boost the national crypto market and the associated remittance service Patria. He explained:

The revival of the use of Petro, all cryptocurrency systems, the use of blockchain technologies, the development of the Patria system and the generation of new applications will set the tone for 2021.

During the year, Maduro plans to increase the use of contactless payment solutions to deviate from cash payments. He added:

This year we will facilitate the use of local currency payment methods for public transport and all businesses through payment systems that do not require an online connection.

The president announced that 77% of commercial transactions in the country are done through digital solutions in bolivars and 20% in cash. He also claimed that the country’s crypto remittance platform had 21.2 million people registered at the time of going to press.

Maduro promises to boost blockchain development in 2021

Maduro also hinted that he would strengthen blockchain industry development in Venezuela as part of his 2021 Agenda, noting:

National and global cryptocurrency systems will set the tone for 2021, as will the use of blockchain technology in different sectors … and the development of new applications that provide solutions to specific problems.

On December 21, 2020, reported on words from the President of the National Association of Cryptocurrencies of Venezuela (Asonacrip), who praised the bull run seen in Bitcoin price that month. Jose Ángel Álvarez believes that such a rally supports the “usability of a very novel crypto-asset,” including the Petro.

What do you think of Maduro’s Petro Promise? Let us know in the comments below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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