Venezuelan President Nicolás Maduro declared that 2021 will be the year of state-backed oil (PTR) tokens. He also promised to promote the “100% national digital economy” agenda through a “complete digital process.”

77% of trade transactions in Venezuela are conducted through Bolívar’s digital solutions

In the annual speech of the National Assembly, Maduro talked about the “revival” of oil, a cryptocurrency, some analysts did not see any strong potential at least in terms of adoption.

However, the President of Venezuela believes that his economic agenda should boost the national cryptocurrency market and its related remittance service Patria. He explained:

Oil, the revival of the use of all cryptocurrency systems, the use of blockchain technology, the development of the Patria system, and the creation of new applications will set the tone for 2021.

In the past year, Maduro plans to strengthen the use of contactless payment solutions to enable cash payments. He added:

This year, we will promote the use of national currency for public transportation and all business payment methods through a payment system that does not require an online connection.

The President revealed that 77% of the country’s trade transactions were conducted through Bolívar’s digital solutions, while 20% were conducted in cash. In addition, he claimed that as of press time, the country’s cryptocurrency remittance platform has registered 21.2 million people.

Maduro promises to strengthen blockchain development in 2021

Maduro also hinted that he will strengthen Venezuela’s blockchain industry development as part of its 2021 agenda, noting:

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

On December 21, 2020, reported the words of the chairman of Venezuela’s National Association of Cryptocurrencies (Asonacrip), who praised the increase in Bitcoin prices that month. JoseÁngelÁlvarez believes that this rebound contributes to the “availability of very new crypto assets (including oil).”

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