Venezuela Opens State-Funded Crypto School

This is the educational initiative of the widest scope in the area of cryptocurrencies: a cryptocurrency training center at the Granja Laboratorio Petro School in Caracas will be fully free. Every citizen of the country interested in cryptocurrencies will be able to learn how to buy, sell or mine cryptocurrencies.

The center has different tech equipment used for mining, such as five ASIC, application-specific integrated circuit, and seven PeriCoin mining machines.

While many hailed the move, suggesting that other governments should follow Venezuela’s example, there was lots of skepticism as well. The Venezuelan state has so far failed to provide its citizens with basic necessities, and the country is facing severe food shortages, unemployment and poverty. Some say that even as the initiative is good in itself, the fact that it was put forward by the corrupt government may damage the reputation of cryptocurrencies and be harmful for the entire cryptocurrency ecosystem. “Having such a corrupt government interested in cryptocurrencies is incredibly negative propaganda”, commented internet users. Some also say that as the school is run by the Venezuelan government, it is more likely to be focused on Petro, the Venezuelan cryptocurrency, rather than on other cryptocurrencies like Bitcoin, Ripple etc.

Meanwhile, Venezuelan President Nicolas Maduro has recently announced his intention to launch another government-backed cryptocurrency, Petro Gold. While Petro is allegedly backed by oil, this crypto is supposed to be backed by the country’s precious metal.