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Venezuela: pensioners receive a Christmas bonus as a crypto-currency Petro

primarily, the government of Venezuela are now using the state's own crypto-currency Petro. The paper currency, the Venezuelan Bolivar (VES), loses value faste

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Venezuela: pensioners receive a Christmas bonus as a crypto-currency Petro

primarily, the government of Venezuela are now using the state's own crypto-currency Petro. The paper currency, the Venezuelan Bolivar (VES), loses value faster than new money notes can be printed.

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The Venezuelan President Nicolás Maduro has announced that the to pay the Christmas bonus for pensioners in the national crypto-currency Petro. The local news Agency, vein press reported in a Tweet on may 17. November.

Thus, Maduro is trying again to bring him to the launched national crypto-currency, Petro among the people. Since July 2019, the state crypto-currency Petro is officially recognized means of payment in Venezuela. Venezuela has launched as the first state ever with the digital Petro in February 2018 and a own crypto-currency. Critics pointed out that the Petro was neither transparent nor decentralized.

Theoretically, the Petro-equivalent to a Barrel of Oil. Already Maduro's predecessor, Hugo Chavez, had made the proposal to replace the de facto international abolished the gold standard for currencies now against an Oil-Standard. For Petro, it would mean that it is not supply and demand of the crypto currency determine the price. The Petro would fluctuate instead of the price of Oil. Theoretically. An investigation report by August 2018, came to the conclusion that even half a year after the ICO was not yet used Petro for any larger transactions.

the acceptance of The Petro bill, despite all the efforts of the government of Venezuela today barely larger.

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US dollars, euros or other freely convertible currencies had been banned by the government of Venezuela to escape from their own currency, the Venezuelan Bolivar (VES), to stop. In the case of Inflation of more than a Million percent, the Central Bank is printing money. The galloping Hyperinflation has pulverized the savings at a record pace, if the population were not able to bring their values in safety. For many crypto-currencies, despite the high price fluctuations the only Alternative.

Interestingly, the world's leading Bitcoin was because of its complex technology is less well suited. The preferred means of payment in Venezuela is now Dash, not least because the crypto-currency can also be made via SMS will be sent.

to direct the flight of crypto-currencies in their own country in a new direction, have spent, the government finally, the Petro commented, therefore, on the Russian-language newspaper Novaya Gazeta.

Really, the distraction does not seem to maneuver so far. Who can can be content, in Venezuela, in the meantime, preferably in Bitcoin, Dash & co. to pay off. In the meantime, even births can be paid in Bitcoin.

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