Venezuelan President Launches Cryptocurrency-Funded Youth Bank

Venezuela is commencing a youth bank to be financed by the state's controversial petro digital currency.

Pronounced Thursday by the country's leader, Nicolas Maduro, the country will establish a bank for young people and students that will begin its processes with 20 million petros, as reported by Telesur.

Speaking during a youth event in the state of Aragua on Thursday, the country’s president said that nearly $1.2 billion-worth of the digital currency would be offered to the new organization to get it up and operating and that the bank would give support to "productive initiatives."

During his speech, Maduro likewise said that every university ought to have a mining farm to generate cryptocurrencies to strengthen the economy of Venezuela.

[Video] Venezuelan President Launches Cryptocurrency-Funded Youth Bank - CoinDesk