Savings banks in Venezuela have been authorized by their country president Nicolas Maduro to use and mine Petro Cryptocurrency, the national cryptocurrency. This has enraged the Union leaders who have shown open opposition towards the unconstitutional idea of Petro cryptocurrency usage which they feel is an abuse of presidential powers by Maduro.
The Venezuelan government’s website announced that Maduro has “authorized all savings banks in the country to join the cryptocurrency production system and acquire the petro to contribute the benefits to their workers.”
He also explained that:
“The proposal came after several meetings held by the superintendent of the Venezuelan cryptocurrency, Carlos Vargas, with more than 1,400 savings banks in the country.”
His announcement was broadcasted worldwide proposing that, “savings banks could develop mining farms throughout the national territory to increase the benefits for more than six million workers,” as stated by the website. Maduro feels that the Petro cryptocurrency can be mined by savings banks through the state-provided petro container.
Union Leaders Show Disapproval
El Nacional newspaper reported on Thursday that “Union leaders rejected the use of the petro in savings banks,” following the announcement made by the president that savings banks could “develop mining farms” and “acquire petros for [their] workers.” National coordinator of the National Union of Workers (Unete), Ana Yanez revealed to the publication that, “there is a total disagreement within the union regarding the use of cryptocurrencies in savings banks” since everything “imposed by the Executive to the workers is null and void for the unions. That seems to us an abuse of power and a totalitarianism. In addition, it [the petro] is a virtual currency that violates the Constitution. As workers, we disagree that this cryptocurrency is imposed on us.”
National coordinator of the National Federation of Public Sector Workers (Fntsp), Servando Carbone revealed to the news outlet that, “the petro is a scam,” and they “strongly reject the use of cryptocurrencies in savings banks.” He also added that “the petro is an invention of the government to launder drug money” before warning that “if they are forced to use the petro, they will go out to the streets to protest.” Iván Freites, the secretary general of the union representing oil workers in Falcon state showed his disapproval towards petro stating that it is, “mainly for the use of oil reserves to sustain it,” as noted by the publication. He concluded by saying that, “We who are oil workers know what the cost of bringing a barrel of oil means. That [Marudo’s action] is a dictatorial measure that is taken against the Venezuelan workers”
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