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

The Venezuelan president, Nicolás Maduro, has claimed that 2021 will be the year of the state-backed petro (PTR) token. He also promised to boost a “100% national digital economy” agenda through a “complete digitalization process.”

77% of Trade Transactions in Venezuela Are Made via Digital Solutions in Bolivar

During an annual speech at the National Assembly, Maduro talked about a “revival” for the petro, a cryptocurrency that some analysts have not seen any strong potentials in, at least in terms of adoption.

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

The revival of the use of petro, of 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.

Over the year, Maduro plans to strengthen the usage of contactless payment solutions to ride-off from cash payments. He added:

This year, we are going to facilitate the use of means of payment in national currency for public transport and all businesses, through payment systems that do not need an online connection.

The president revealed that 77% of trade transactions in the country are made via digital solutions in bolivar and 20% in cash. Moreover, he claimed that the country’s crypto-remittance platform has 21.2 million people registered as of press time.

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Maduro Promises to Strengthen Blockchain Development in 2021

Maduro also hinted that he will strengthen blockchain industry development in Venezuela as part of its 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 will provide solutions to specific problems.

On Dec. 21, 2020, news.Bitcoin.com reported words from the president of the National Association of Cryptocurrencies of Venezuela (Asonacrip), who praised the bull run seen in bitcoin’s price that month. Jose Ángel Álvarez believes such rally helps the “usability of a very novel crypto asset,” including the petro.

What do you think about Maduro’s petro promises? Let us know in the comments section below.

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