Venezuela Wants to Boost Cryptocurrency Mining Activity

Venezuela is a very peculiar country for many reasons. Ever since the Petro was issued, people have been wondering how it would affect actual cryptocurrencies in the country. It now seems the government has launched a crypto mining program meant to attract up to 1 million people. It’s a rather intriguing development, especially because this has seemingly nothing to do with the Petro.

Cryptocurrency Mining in Venezuela

There is never a boring day in Venezuela, by the look of things. Ever since the Petro cryptocurrency was announced, the country has received a high amount of international press coverage. As of right now, the question still remains whether or not the Petro is even a legal currency, as opinions are rather divided on this front. That conundrum is not stifling interest in other cryptocurrencies such as Bitcoin, though.

In fact, the Venezuelan government wants to support these “legitimate” cryptocurrencies in a surprising manner. President Maduro has launched a new crypto mining initiative designed to attract students, unemployed people, homeless individuals, and even single mothers. With this new program, Maduro wants to encourage citizens to begin mining cryptocurrency in the country.

This sudden change of heart is a big surprise, all things considered. When the Petro was put up for sale, most people assumed it would be the only cryptocurrency to make a big impact in Venezuela. It now seems the government is open to competing currencies as a way to attract international firms. Setting up a mining farm in this country is certainly appealing due to lower electricity costs.

Known as Plan Chamba Juvenil Digital, this new program is open for registration until April 15. If things go according to plan, attracting one million or more interested users should not prove to be a big challenge. Even so, it is evident the country is still struggling financially. Getting involved in Bitcoin and other cryptocurrencies is an intriguing concept, although one that may backfire.

As of right now, the plan is to build two dozen cryptocurrency mining farms. A total of $2.9 million will be allocated to bring this venture to life as quickly as possible. It seems the Venezuelan government wants to “enforce” the incorporation of young people in the labor sector. In particular, people under 35 will prove to be a high-value “target of interest” in this regard.

Whether or not this particular venture will prove successful is a different matter altogether. Cryptocurrency mining has been subject to odd regulation in Venezuela in the past. This sudden change of heart seems to be a rather desperate move, although it remains to be seen if it will pay off in the long run. Strengthening the country’s economic relations through cryptocurrency certainly is a rather intriguing concept.