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Pensions in Venezuela are transferred to the local cryptocurrency petro

The Venezuelan authorities began to transfer the pensions of the country’s residents to the local cryptocurrency petro, allegedly backed by oil. This was reported by Caracas Chronicles. According to the publication, the desire of pensioners is not taken into account. Usually, the locals of old age receive enrollment in bolivars, which can be withdrawn from a bank branch.

With the new rules, fiat money is automatically converted into petro. Users need to acquire a cryptographic wallet to receive virtual money, but they cannot be spent, they are assured in Caracas Chronicles, but they can be exchanged back for bolivars.

It is noted that the rate of the bolivar to Petro for a couple of weeks rose from 9000 to 15,000 per unit of cryptocurrency.

On the upcoming transfer of pensions to the petro Nicolas Maduro reported in August.

Recall, Venezuela announced the creation of its own cryptocurrency at the end of 2017. The authorities hope that the tokens will help overcome the protracted economic crisis. According to some reports, investments in petro amounted to $ 5 billion, but there is no evidence of this.

In annual terms, inflation in Venezuela was about 1.3 million percent. Now she is slowing down. According toReuters, in September it was 233%, in October – 148%, in November – 144%. Last month, the country’s president raised the minimum wage by 150%, to 4.5 thousand bolivars (less than $ 10 on the black market).

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