Venezuelan President Promises Complete Digitalisation of Economy

2021: The Year of Petro
  • The President of Venezuela, Nicolás Maduro, has promised to boost the crypto industry within the country
  • Petro, the digital currency backed by the state, will be encouraged to be used in the economy. 
  • The country already makes 77% of all transactions using virtual currency

Venezuelan President Nicolás Maduro has promised that Petro will be the country’s primary currency in 2021.

2021: The Year of Petro

Venezuela’s president, Nicolás Maduro, has promised to boost the use and visibility of the state-sponsored Petro cryptocurrency. He has also vowed to promote the 100% digitalization of Venezuela’s economy, using a thorough process to incorporate the circulation and utilization of digital currency in the country.

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The President made these claims during his annual discourse at the National Assembly. He extensively spoke about the restoration of Petro (PTR), the nationally-backed digital currency. However, analysts have not had a positive outlook towards PTRs scope in the future when it comes to adoption and everyday usage by consumers.

Despite these concerns, the President is confident that the agenda adopted by his government will boost the adoption of cryptocurrency in the economy. He is also looking at integrating Patria, the associated service regarding remittances, into this economic transition from traditional currency.

21.2 Million Registered Users on Crypto-Remittance Platform

Maduro’s speech also revealed that 77 percent of trade exchanges within the nation are made through advanced digital arrangements in the state of Bolivar, and the remaining 20 percent are made using traditional currency or cash. Additionally, he asserted that the nation’s crypto-settlement platform currently holds the registration of 21.2 million individuals who trade in cryptocurrency.

The President is endeavoring to strengthen digital currency in 2021, making contact less payments a country’s norm. His speech also included elements that could lead to the strengthening of the blockchain industry in Venezuela. The development and growth of new applications in this field will help find the right solutions for specific complex problems.

As previously reported by the crypto industry in Venezuela, the positive market performance of Bitcoin is seen as promising for the further development of the digital currency in the country. This would have an impact on the perception of PTR and other cryptos available on the market, hopefully increasing the acceptance of PTR and other cryptos by most consumers.

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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