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Financing of Solar Projects using Cryptocurrency. How does this happen in Venezuela

12.03.2018 — 0

Yesterday at the International Summit of the Solar Alliance, the Minister of Foreign Affairs of the Republic of Venezuela spoke about plans to introduce Petro — own state cryptocurrency into the solar energy market. The minister said that the state will finance solar energy projects using cryptocurrency. Despite the fact that Venezuela is an oil-producing country, renewable energy is an opportunity to raise the economy and move to the next level of modern development.

Representatives of India and Venezuela talked about plans for the introduction and strengthening of the clean and sustainable energy industry, which guarantees energy supply in future, without affecting the climatic consequences for the planet.

National Cryptocurrency

Last month, Venezuela held a public offering of its own cryptocurrency called Petro. The main goal of its creation is a way out of the current difficult economic situation due to US sanctions. President Maduro explained that country is entering a new stage of technological development.

Within hours of offering, Petro has raised more than $700 million of investment. In total, the government plans to release over 100,000,000 tokens. Leaders also said that they plan to introduce Petro into the internal economy as a way of paying taxes or municipal services since the cryptocurrency is backed by real oil assets of the state.

President Nicolas Maduro said that the introduction of cryptocurrency will allow Venezuela to realize Hugo Chávez dream and to stop US dollar and Wall Street dominance over the world economy.

Cryptocurrency and Solar Energy

“Thanks to Petrocaribe, our brothers and the people of the Caribbean”, President Nicolas Maduro has announced an initiative way to finance solar energy projects using the state’s virtual currency Petro, which will have all the logistics and capabilities for Petrocaribe’s ventures.

“These are excellent prospects not only for Venezuela but also for other countries of the Caribbean Sea,” he said.

At the summit on March 11, Venezuelan representatives said that Venezuela can no longer depend on fossil fuels.

It is planned that the International Solar Alliance countries will be able to establish relations in the field of renewable energy. ISA is an international intergovernmental alliance consisting of 121 countries, rich in natural resources: African and South American countries, India, Australia and other.

***Solar DAO — a tokenized fund designed for everyone to easily participate in PV solar plants construction across the globe. SDAO tokens on: ***YoBit