Venezuelan President Nicolas Maduro has announced plans to set up a digital bank of cryptocurrencies for the country’s youth.

According to the announcement, the head of the state has assigned 20 million petros (around $1.2 billion), Venezuela’s national cryptocurrency, to promote socio-productive activities through this initiative.

According to Telesur, the announcement was made during a mass ceremony in Aragua with young people under the Chamba Juvenil Plan, a social program for youth aimed at promoting first job.

Maduro also stressed on the importance of every university having a cryptocurrency mining farm to continue with the strengthening of the national economy.

Maduro first announced his plans for the national cryptocurrency in late 2017. Since then he has been pushing this initiative ahead despite strong opposition in the country. The petro pre-sale kicked off on February 20 and reportedly raised $5 billion.