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Thursday, March 22, 2018

Crypto News: Venezuela Wants to Boost Cryptocurrency Mining Activity

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.

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.

Full story HERE

Source: The Merkle

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