During a meeting celebrated in PDVSA’s headquarters in Caracas, Venezuela’s minister for university education, science and technology Hugbel Roa, and the labor minister Nestor Ovalles, informed that they were debating on work groups about the possibility of incorporating savings banks in national cryptocurrency Petro, in an effort to protect the working class.
In the official release of said cryptocurrency, Venezuela’s president Nicolas Maduro announced he authorized the integration of cryptocurrency system across all the country. Likewise, he pointed that they’ll build several miner farms that will benefit more than 6 million public employees.
Also, during a youth event, the head of state expressed his desire to build “youth miner farms” of every cryptocurrency, calling all the youth to be prepared for the creation of due cooperatives in schools and colleges, highlighting that “we are in the Digital Revolution era.”
On the other hand, Vargas indicated the existence of 1,496 savings banks they will incorporate to an investment plan through Petro, and more than 4 million of affiliated. During a meeting with the superintendence for savings banks (Sudeca) it was stated that, in order to carry out such project, it is necessary to modify the savings banks law, via the National Constituent Assembly.
He also points out that the petrocoin is a Venezuelan digital currency backed up by reserves of several natural resources of the country, serving as payment method for goods and services. In other words, the Petro acts as a recapitalization instrument by being incorporated as a tradable asset in currencies.
Rejecting the use of savings banks
Several companies across the national territory reject this measure, alleging it violates the Constitution and exacts them investing in and use of that cryptocurrency, which far from helping economy, it prompts all current outlays. It looks like Nicolas Maduro’s initiatives don’t respond to necessities and demands from the country, much less from workers.
Servando Carbone, national coordinator of the National Federation of Public Sector Workers (FNTSP), said that the creation of Petro is a scam, and that it is just another invention of the government and another tool that will serve to launder money from drug trafficking. He also warned that if they are forced to use this currency, all their guild will go out to the streets to protest.
Likewise, general secretary of the Oil and Gas Workers Union of Falcón state, Ivan Freites, expressed his reluctance and highlighted that (Maduro’s order) makes no sense whatsoever, just like each one of the announcements made so far. He also added that the overall cost for producing a single oil barrel is too expensive.
Lastly, spokesman of the National Trade Union Coalition, Carlos Salazar, explained the way Petrocoin works is unknown and thus, the government ought to review the possibility of dollarizing the economy, because it makes no sense to keep up with a devaluated currency if the value of Petro will be backed up by oil reserves, which are quoted in dollars.