Venezuelan farmers receive state support at El Petro

Venezuelan farms will receive financial assistance from the state for their development. The loans will be issued in the national cryptocurrency El Petro, said President Nicolas Maduro.

“In the framework of the meeting with the government, it was decided to allocate over 650 thousand El Petro. This decision is part of our plan to plant more than 1 million hectares of fields. Quarantine should not block production, ”the statement said. Currently, 650 thousand digital coins (more than $ 40.2 million) are planned for the program.

Recall that the creation of the national cryptocurrency El Petro Nicolas Maduro announced in October 2017 in response to sanctions by the US government. The cost of a digital asset is equal to the price of a barrel of “black gold” mined in Venezuela.