Nicolas Maduro, the President of Venezuela, announced that the Christmas bonus of the country’s retirees and pensioners will be paid to them in the national cryptocurrency Petro.
On November 17, it has been reported by Venepress, the local news outlet, that this particular instance is not the first time that Venezuela pushes Petro into the wallets of pensioners so far.
As it has also been reported in December last year, Venezuela back then has automatically converted pensioners’ bonuses for the year into Petro.
However, the crypto asset in question has been first launched for a pre-sale in February 2018 and raised concerns among foreign observers from the start. In late August last year, Petro was already brutally denounced as an opaque “stunt” supported by a centralized and debt-saddled entity.
Still, the national cryptocurrencies
as a whole are being increasingly pushed by the local government.
On November 13, it has been reported that Francisco Torrealba, the Deputy of the National Constituent Assembly of Venezuela, said that he believes all currencies will be replaced by cryptocurrencies.
Thus, speaking about Venezuela, Torrealba claimed that the country is facing a great change and Maduro is making a “great contribution” to the country by creating the Petro.
“Everything will be from this currency [the Petro].” Francisco Torrealba
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