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News > Latin America

Venezuela Holds First International Meeting of Cryptoactives

  • International and national experts met Friday to discuss cryptocurrencies and blockchain technology.

    International and national experts met Friday to discuss cryptocurrencies and blockchain technology. | Photo: Twitter / @ViceVenezuela

Published 17 November 2018

The meeting was organized as Venezuela attempts to counter the effects of the U.S.-led economic blockade through its own cryptocurrency, the Petro.

More than 15 national and foreign experts participated in Venezuela's First International Meeting of Cryptoactives held in Caracas, Venezuela Friday.

Venezuela: The Petro Makes First Kick-off

During the event, participants exchanged knowledge on blockchain technology and the importance of cryptocurrencies in the current digital age.

The event was promoted by the Venezuelan Government through the National Superintendent of Cryptoactives (Sunacrip) in order to "add the largest amount of international projects, with which we will progressively become a global power in the field of cryptocurrencies," said the superintendent Joselit Ramirez.

Venezuelan Vice President Delcy Rodriguez said the government is certain that the recently-launched Venezuelan cryptocurrency the Petro will help the country "strengthen the economic and financial independence of Venezuela, for the benefit of the people and the development of our country."

The Petro, backed by Venezuela's oil and gold reserves, is part of Venezuela's economic recovery strategy to combat the devaluation of the national currency. President Nicolas Maduro believes devaluation and inflation are driven in great part by currency exchange mafias that smuggle Bolivares and the financial war waged by the United States and its Western allies.

The Petro has already been subjected to U.S. sanctions.

According to Rodríguez the Petro is key in protecting the Venezuelan economy. 

Countries such as China, Russia, Luxembourg, Spain, and Mexico were invited to the meeting to share their experiences in this field. Among the speakers are the investment fund training expert Jose Pascual, the financial advisor and political science expert Nilhan de Mel, Vice President of the Russian Association of Cryptocurrency and Blockchain Dmitri Kostenand, and the Spanish businessman Victor Borras Sorli.

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