Retired Workers to Get Petro Crypto Credits in Venezuela Per President's Latest Announcement

Venezuela's Nicolas Maduro to pay pensioners and retirees in the country's national cryptocurrency, the Petro, as a Christmas bonus in a bid to boost adoption.

The president of Venezuela Nicolas Maduro has declared something interesting about the national digital currency Petro. It is going to be used for paying a Christmas bonus to the retired workers and pensioners in the country. This report was from the Twitter page of local media agency Venepress.

This however, is not the first case that the Venezuelan government was going to use cryptocurrencies to issue payments to pensioners. In the last quarter of 2018, Venezuela did an automatic conversion of the bonuses of pensioners into cryptocurrencies.

Petro, Likely Future of the Economy of Venezuela

This particular digital currency was floated for a pre-sale in the first quarter of 2018. That time, it caused some controversies and foreign analysts went berserk right from the beginning. In the middle of 2018, the digital currency was blasted as a useless stunt dependent on a weak and debt-riddled economy.

But that hasn't stopped the government from promoting the country’s cryptocurrency and other digital currencies into use. Francisco Torrealba is the Deputy of the National Constituent Assembly of Venezuela and he is of the opinion that something drastic should be done. He is calling for the replacement of all currencies with digital currencies and cryptos only.

While discussing Venezuela, he stated that the country was confronted with a massive transformation. He also praised President Maduro and hailed him for doing a great good by establishing the Petro. He rounded off his interview by stating that everything should be tied to the Petro.

Maduro’s Pet Project

Maduro on his own has ordered that the Petro should be put to massive use. He has ordered that the funding of a current social housing project must be done using the cryptocurrency. In the same announcement, Maduro wants the oil-backed digital currency to be utilized in the construction of the new homes. The project is called the Great Housing Mission Venezuela. It was actually a project that was started by his predecessor, the late Hugo Chavez in the year 2011.

The announcement was not made by Maduro himself. It was made on his behalf by the country’s minister of habitat and housing, Ildemaro Villarroel. He said that making use of the petro was going to give the room to private businesses to invest and provide funding for the construction of the social housing project. This is expected to be via the stock market.

Under the plan, four thousand houses are projected to fall under the cryptocurrency payment program. Almost 4,800 homes are already being constructed said the minister. This report was also published by the state news agency of Cuba.

The head of the cryptocurrency initiative is Joselit Ramirez. He has stated that the concept is a very good one and an amazing idea that the president is using to combat the biting effects of crippling economic sanctions. Some analysts think that it is another move by the embattled Maduro to push the digital currency into the struggling economy. He once ordered the country’s apex bank to release funds to elderly workers using cryptocurrencies. He has also tried to get other countries to accept the Petro in oil transactions.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Ali Raza
Ali Raza
A freelance journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali's work has been published on a number of cryptocurrency publications.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Stocks & Gold Getting Hammered But Bitcoin Fundamentals Do Not Support A BTC Crash to $7k

In another red day of the week, Bitcoin dropped to about $10,150 level. Just like the weak price performance, with BTC currently trading around...

People's Bank of China (PBoC) Testing Digital Yuan (DCEP) for Credit Card Payments

China has been aggressively developing its central bank-issued digital currency (CBDC), popularly known as digital yuan. As per the latest reports, the People's Bank...

Indian Crypto Exchange, Pluto, Pulls An Exit Scam on Investors; Making Off With $270K

A Delhi-based crypto exchange, Pluto, has allegedly exit scammed and stolen about $270,000 worth from 43 investors. The local reports suggested that the Economic...

Bitcoin Mining Legalized in Venezuela But Being Centralized with National Digital Mining Pool

Venezuela has fully legalized bitcoin mining. According to a recent decree from the National Superintendency of Crypto Assets and Related Activities (SUNACRIP), the use,...

China Blacklists Crypto OTC Trading Desks With A Five-Year Banking Ban As Punishment For Illegal Acts

PBoC blacklists crypto OTC traders in its latest efforts to crack down on money laundering. This has caused several OTC trading desks to...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today