Venezuela Will Pay Christmas Bonus In Petro Cryptocurrency

  • Christmas Bonus In Petro Cryptocurrency

  • What is Petro Cryptocurrency?

venuzuela-will-pay-christmas-bonus-in-petro-cryptocurrency-2019

Venezuela, the country on the northern coast of South America, has always a positive stance towards cryptocurrency. They have their country’s own cryptocurrency named Petro.

Christmas Bonus In Petro Cryptocurrency

Venezuela’s government has opted to pay the Christmas bonus of retires and pensioners through Petro cryptocurrency. The announcement came this Sunday.

Venepress, a local news outlet from Venezuela reported this news. This is another instance when Venezuela backed Petro for paying retires and pensioners through their cryptocurrency Petro.

In December last year, the country’s government automatically converted pensioners’ bonuses for the year into Petro cryptocurrency.

What is Petro Cryptocurrency?

Officially launched in February 2018, Petro is cryptocurrency issued by the government of Venezuela. It took August 2018 for the token to be available. This cryptocurrency is backed by Venezuela’s reserves of oil, gasoline, gold, and diamonds.

Venezuelan president Nicolás Maduro stated that the Petro would allow Venezuela to “advance in issues of monetary sovereignty”, and that it would make “new forms of international financing” available to the country.

Opposition leaders, however, expressed doubt due to Venezuela’s economic turmoil, pointing to the falling value of the Venezuelan bolívar, its fiat currency, and $140 billion in foreign debt.

 

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