Telesur TV reported on Saturday that “A training centre to teach its citizens about cryptocurrencies” has been inaugurated by the Venezuelan government in its capital city Caracas. This announcement came just a few days after the Venezuelan President Nicolas Maduro announced the launch of petro – its oil-backed cryptocurrency. The training centre will provide cryptocurrency education to the citizens.

The news outlet enumerated that:

“The cryptocurrency training school offers courses on the petro to Venezuelans for free. At the Granja Laboratorio Petro School in Caracas, Venezuelans can learn how to buy, sell and mine cryptocurrencies and how the cryptoeconomy works.”

Venezuelan cryptocurrency trading teacher Carmen Salvador revealed to Reuters through a video interview conducted on Friday that:

“What we hope to do with this, primarily, is to make knowledge accessible like any new methodology or technology.”

He added that the government is providing free-access to cryptocurrency education through courses which would otherwise cost around $500-800 internationally. Salvador concluded by saying that, “Many of our young people here find it impossible to have this amount of resources,” and thus “we’ve designed this plan with a completely free training.”

Also Read: Venezuelan President Asks Banks To Use And Mine Petro Cryptocurrency

Pedro Infante, the Minister of Youth and Sports revealed on the national television and radio network that the mining farm at the school is “made up of several areas such as the Mining Laboratory, where all the necessary equipment is found to mine any type of cryptocurrency on the planet.” He added that there is a room “created for the study of the trading of cryptocurrencies,” wherein the students can generate further knowledge regarding the selling, buying and trading of cryptocurrencies as well as how to “diversify the investments that are generated.”

He elaborated on the point stating that:

“All our technological and computer youth can start a process of training in everything that has to do with the cryptoeconomy, specifically with the petro, the Venezuelan cryptocurrency.”

According to Telesur TV, President Nicolas Maduro claimed on Thursday that, “his government has raised US$1 billion in the first two days of the petro sale, while its website received almost one million visitors over the same period.”

The Venezuelan President has also announced the launch of another cryptocurrency backed by gold termed as “Petro-ORO”. Market experts are however highly doubtful regarding the actual quantum of money raised by Venezuelan government from petro pre-sale.

Maduro had since long advocated the development of cryptocurrency universities in Venezuela which shall be of considerable aid in setting up mining farms.

Hugbel Roa, the Minister for University Education, Science and Technology recently revealed that necessary resources have been approved by the head of the state “for the installation of student mining farms in the country’s universities.”

He was quoted as saying that:

“We call on all those technological entrepreneurs that, with the petro, we will finance all these operations in order to grab the necessary technologies and take them to each university and to each school to use mining as a source to break with this rentier model and strengthen the Venezuelan economy.”

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Tarunima Ghosh Laha Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.