President Maduro Bestows Petros as Christmas Present to Venezuelan Economy

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

President Maduro Bestows Petros as Christmas Present to Venezuelan Economy

  • The announcement made by President Maduro for Christmas will benefit all those who register themselves with the state’s crypto payment platform.
  • The wallet, launched in May this year, is the only platform supporting the oil-backed digital currency.
  • Venezuela, a country with an ailing economy has a national minimum wage even less than $10 every month.

Venezuela’s President Nicolas Maduro makes a formal announcement that the public employees and the pensioners will get half a Petro as Christmas holiday bonus.

Venezuelan, either the military, retirees or public sector workers will all receive Venezuela’s digital token Petro. The announcement made by President Maduro for Christmas will benefit all those who register themselves with the state’s crypto payment platform.

According to EI Universal( a local news source), the announcement made by President Maduro on Friday stated that the mentioned groups would be airdropped 0.5 Petro with an approximate value of $30 as the bonus for Christmas.

No doubt this benefit will have some eligibility criteria too. To avail this benefit, the residents of Venezuela need to sign up to the official government crypto wallet app named ‘Petro App’. The wallet, launched in May this year, is the only platform supporting the oil-backed digital currency and is framed to enable the users to use their phones for purchasing goods and services. The wallet also allows smooth standard transfers.

Another positive aspect of the crypto app is that it acts as an exchange platform for various other cryptocurrencies. Thus, the users get an easy path to swap their airdropped Petro for BTC, ETH, litecoin etc. just by using the app.

The airdrop, according to President Maduro, will be an excellent opportunity to invite and boost Petro in the entire Venezuelan subcontinent encouraging the residents to switch to Petro.

Venezuela, a country with an ailing economy has a national minimum wage even less than $10 every month, thus the app will strongly incentivize the citizens to register for the same popularising the local cryptocurrency that had launched since October 2018.

During the announcement, Maduro also stated that the state would bear the cost of 500,000 Petros, which will supply to assist the local government in every subunit of Venezuela.

Maduro has passionately made a series of attempts before to promote crypto adoption nationwide for example in September this year he began a social housing initiative where he ordered future funding to paid out in Petros. Earlier this year, he had made an earnest request to the Bank of Venezuela (BoV) to use the token and avail it to its customers. The Venezuelan government is already paying the state pensions in Petro.

The reliable support from the Venezuelan government from more than a year to circulate its digital currency proved to be futile as Petro had failed to gain a remarkable momentum. One of the government press releases reveals that despite earnest attempts by the government, only 400 businesses have embraced Petro payment in the entire country.

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