According to Venezuelan media outlet, the Caracas Chronicle, the nation has allegedly started doling out monthly pensions in the form of Petro rather than fiat-based assets.
As per the above mentioned news source, President Maduro has started taking the Bolivares being paid to his nation’s retirees and “automatically” swapping them for Petros.
More On The Matter
Traditionally, pensioners in Venezuela have received their monthly salary in Bolivares (which automatically gets transferred to one’s bank account at the start of each month). This money can then be withdrawn by the account holder as and when he/she chooses. However, now, with the government using the Petro token to make monthly pension payments, it remains to be seen how streamlined the withdrawal and deposition process will remain moving forward.
With that being said, it is also worth noting that senior citizens who connect a petro wallet to their pension portal can easily withdraw their funds (and even convert their Petros back to Bolivars if needed).
How Will All This Shape the Future Of Venezuela?
Via a tweet released a couple of days back, a spokesperson for the Caracas Chronicle mentioned that due to the Bolivar being extremely unstable right now, it remains to be seen how this latest move pans out for the people of Venezuela.
The Petro website says its current value is BsS 15,071.56 (a couple of weeks ago the government fixed it at BsS 9,000).
What does this mean?
That Maduro will likely announce another minimum wage increase/DEVALUATION soon -tomorrow, maybe? https://t.co/7kFqIBmuuu
— Caracas Chronicles (@CaracasChron) December 12, 2018
For those who may not remember, late last year, President Nicolas Maduro announced that he was introducing the petro token in an effort to advance his country’s “monetary sovereignty”. Maduro also claimed to have raised a whopping $5 Billion through the Petro token ICO — a claim that cannot be confirmed since the Venezuelan government hasn't released any documents to support these claims.
In the future, it is being reported that citizens of the small South American nation will begin receiving their monthly salaries via the Petro token. Not only that, recently President Maduro has stated he will most likely sell his nation’s oil reserves in conjunction with the Petro coin (rather than using the US dollar).