President Maduro’s Christmas Bonus to Venezuelans, Half a Petro Worth of $30
- The holiday bonus will be given to retirees, public sector workers, and civilians
- To be eligible for this bonus, people must register on the platform PetroApp first
- This will bring a “new stage of economic and social protection” – Nicolas Maduro
Venezuela’s President Nicolas Maduro is giving away a Christmas bonus of half a Petro each to pensioners, retirees, public sector workers, military, and civilians, reported local news site.
The payment amount will be equivalent of $30 USD and 1,384,253 Venezuelan bolívar for each beneficiary. But in order to receive this bonus, the individual first must register on the platform PetroApp. Launched in May, it is the only platform that supports the oil-backed cryptocurrency.
PetroApp allows users to purchase goods and services and exchange other cryptocurrencies. Currently, it only supports Bitcoin (BTC), Litecoin (LTC), and Dash. This means users can swap their holiday Petro (PTR) bonus for these three digital currencies as well.
This bonus Maduro said will be another opportunity to encourage Venezuelans to switch to the local Petro. This week, Maduro said will begin a “new stage of economic and social protection” in the Venezuelan economy.
Pushing for Petro’s Adoption
The government has been building the Petro for almost 2 years with 5 billion barrels of oil as support.
Given that the minimum monthly wage in the country is $12, that was $2 in August, people will benefit from registering to the PetroApp and getting this bonus.
At the same time, the president announced the disbursement of 500,000 petros to pay for the operation of the municipalities of the country.
This latest effort by the Maduro to push petro's nationwide adoption came after back in July President ordered one of the nation’s largest bank Bank of Venezuela (BoV) to allow customers access to his cryptocurrency.
Reportedly, the government has been paying the state pension in petro for the past year, it has been actually taking the bolivars paid to the elderly residents and automatically swapping them for petros.
However, despite Maduro's attempt to make petro widely accepted across Venezuela, as per the government’s report only 400 businesses have been accepting it as of last month. Maduro, however, says he has signed agreements with “50,000 merchants in the country” to accept petro as a form of payment.