The pensioners of Venezuela’s state oil company, PDVSA, have been receiving a Christmas bonus in Petros (PTR), the first national cryptocurrency that was introduced in 2018, since 2018. The petro, which is backed by Venezuelan oil and other resources, can be traded on local exchanges to give these retirees access to fiat currency as the currency’s reach as a medium of exchange is still limited, according to local reports.
Venezuelan pensioners get 2 Petros for Christmas
A group of Venezuelan pensioners belonging to the state oil company PDVSA will receive a bonus paid in Petro (PTR), Venezuela’s national cryptocurrency launched back in 2018. The retirees receive this bonus as a Christmas present through the Motherland platform, where they can manage the two Petro (worth around $ 120) deposited on 12/23.
The retirees who are to receive this bonus will be notified through the platform so that they can draw their two PTRs from it. Although the petro is very active in national exchanges, its reach as a medium of exchange is currently very limited, as many retirees have indicated that they intend to exchange them to buy goods and pay for services.
The history and price movements of the Petro
Launched in 2018, the Petro was the first government-backed cryptocurrency network years before El Salvador introduced Bitcoin (BTC) as legal tender. Originally, the Petro was supposed to keep a stable price of $ 60, supported by a basket of oil and other resources available in Venezuela. However, the market did not take this very well, trading at a fraction of the intended price due to the limited use of the currency.
This trend was recently reversed when Petro hit record prices on national stock exchanges. The local cryptocurrency portal Morocco reported the crypto-asset traded for more than $ 50 on some exchanges, reaching $ 56 in some cases. This is not the first time the Venezuelan government has used the Petro to give bonuses to Venezuelan citizens in December.
In fact, the government did the same two years ago in 2019. give half a unit of petroleum ($ 30) to all retirees and government employees as a Christmas present. On that occasion, the government distributed payments in Petros through the POS systems of state-owned banks so that workers could use them more easily and merchants could automatically convert the Petros into fiat currency.
What do you think of paying pensioners in Venezuela with the Petro? Let us know in the comments section below.
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Source: Crypto News Austria