Nicolas Maduro gives farmers loans in Petro cryptocurrency

by in Cryptocurrency News

Petro

The Venezuelan authorities have begun lending to farmers in the Petro crypto, the country's President Nicolas Maduro said.

During his television appearance, the Venezuelan leader emphasized that firms engaged in grain production have already begun to receive their first loans in national digital currency.

In particular, Agrosur received 566,000 Petro tokens from Caracas.

The President cheerfully announced: "Petro is financing the production!"

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The government reminds that one Petro coin is the equivalent of $ 55. Thus, the first loan in crypto amounted to more than $ 31 million.

Note that just a couple of weeks ago, the official cryptocurrency rate was 30% lower than its current values. Thus, the authorities arbitrarily increased the value of the Petro coin.

Nicolas Maduro has repeatedly stated earlier that Petro's cryptocurrency is allegedly provided with oil extracted in Venezuela. At the same time, the demand for tokens in the country is almost zero, and the local population prefers to use bitcoin.