The Venezuelan president, Nicolás Maduro, has claimed that 2021 will be the year of the country’s oil-backed petro (PTR) token. The president also promised to boost a “100% national digital economy” agenda through a “complete digitalization process.” 77% of trade transactions in Venezuela are made via digital solutions in bolivar. During an annual speech at the National Assembly, the president talked about a “revival” for the petro, a cryptocurrency that some analysts have not seen any strong potentials in, at least in terms of adoption.
Maduro plans to strengthen the use of digital payments.
Over the year, the Venezuelan president plans to strengthen the usage of contactless payment solutions to ride-off from cash payments. He added, “this year, we are going to facilitate the use of means of payment in national currency for public transport and all businesses through payment systems that do not need an online connection.” The president further revealed that 77% of trade transactions in the South American country are made via digital solutions in bolivar and 20% in cash. Nicolas Maduro also claimed that the crypto-remittance platform has 21.2 million people registered in the country.
Venezuela continues to face hyperinflation.
Venezuela continues to face economic and political turmoil resulting in rising hyperinflation. Authoritarian leader Nicolas Maduro is now forcing the adoption of crypto and blockchain in an attempt to bring the country’s economy back on track. The South American country is facing sanctions from the US and the UN over the political turmoil. Millions of people have already fled the country because of rising hyperinflation. Maduro also noted, “National and global cryptocurrency systems will set the tone for 2021, as will the use of blockchain technology in different sectors … and the development of new applications that will provide solutions to specific problems.”