Nicolas Maduro Says Venezuela Pioneers Crypto Adoption In South America While Using Petro Botched

President Nicolas Maduro stated in an interview with Bloomberg last week that Venezuela is leading the way in cryptocurrency adoption in Latam. Venezuela is still one of the first cryptocurrency volume movers in South America. However, petro token, the official cryptocurrency, failed to gain momentum in national and international markets. President Nicolas Maduro reaffirms Venezuelan cryptocurrency pioneer status Venezuelan President Nicolas Maduro reaffirms Venezuela's pioneering action in crypto adoption in Latam. The statements were made during an interview presented to Bloomberg, where he also touched upon geopolitics and sanctions-related issues. Maduro was quick to point out that the country was one of the first to give cryptocurrencies a central role in monetary policy. Maduro said: “Venezuela created a cryptocurrency called the Petro and created a global cryptocurrency operating system that allows many people to trade nationally and internationally and opens a window for Venezuela's consumers. Venezuela launched the Petro network in 2017, when cryptocurrencies were much less important in global markets. The main purpose behind its publication was to circumvent economic sanctions imposed by the United States. According to other media, it was also a secret joint venture set up with Russian help. However, Venezuela has not embraced the Salvadoran model of using bitcoin as a legal tender. At least not in the same way. When asked why Venezuela did not choose this path, Maduro said, “All cryptocurrencies can circulate in Venezuela, you can easily combine currencies and cryptocurrencies, buy euros, dollars, yuan, Russian rubles or bolivars from Venezuela and buy any crypto currency. You can own Petros and exchange them for dollars, or you can own Petros and exchange them for Bitcoin Venezuela is one of the countries with the largest cryptocurrency usage in Latam, where peer-to-peer markets like Binance move millions.

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