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

77% of commercial transactions in Venezuela are conducted through digital solutions in Bolivar

During a annual speech at the National Assembly, Maduro spoke of a “resurgence” of the petro, a cryptocurrency that some analysts have not yet seen strong capabilities in, at least in terms of adoption.

However, the Venezuelan president believes his economy’s agenda should boost the national crypto market and its 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.

Maduro plans to step up the use of contactless payment solutions over the year to get rid of cash payments. He added:

This year we will facilitate the use of payment methods in national currency for public transport and all companies via payment systems that do not require an online connection.

The president revealed that 77% of the country’s trade transactions are conducted through digital solutions in bolivar and 20% in cash. In addition, he claimed that the country’s crypto remittance platform has registered 21.2 million people at the time of the press.

Maduro pledges to strengthen blockchain development by 2021

Maduro too hinted that he will strengthen the development of the blockchain industry in Venezuela as part of his 2021 agenda, noting:

National and global cryptocurrency systems will set the tone for 2021, as will the use of blockchain technology in various sectors … and the development of new applications that will provide solutions to specific problems.

On December 21, 2020, reported words from the president of the National Association of Cryptocurrencies of Venezuela (Asonacrip), praising the bull run seen in bitcoin’s price that month. Jose Ángel Álvarez believes such a rally will help the “usability of a very new crypto asset,” including the petro.

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

Image Credits: Shutterstock, Pixabay, Wiki Commons

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