Maduro throws Petros for Venezuelans at Christmas
Venezuela is in a severe economic crisis. However, this does not prevent President Nicolás Maduro from giving a portion of the population a gift on time for Christmas. The president now publicly said that eight million Venezuelans, including retirees, members of the military and public sector workers, will receive half a petro as a Christmas bonus. However, the beneficiaries must first register on the state crypto payment platform.
To receive the Petro, citizens must first register through the PetroApp, the government's official crypto wallet, which was launched back in May. So far, PetroApp is the only platform that supports the cryptocurrency. The PetroApp can be used to purchase goods and services and to trade other cryptocurrencies. Maduro also promised to support cities and municipalities with 500,000 petros from the empty state treasury.
Is the money or can it go?
The petro is said to be a government-set value of $ 60. The petro bonus is therefore $ 30 per person, if one can believe the official information from the government side. In total, this amounts to $ 240 million that Maduro conjures up from the empty state box.
Reminder: The value of the Petro is said to be tied to the oil reserves in the country. In theory, a petro corresponds to a barrel of oil. The currency is intended to free the country from hyperinflation and circumvent the economic sanctions imposed by the US government. However, Petro, which has been recognized as an official means of payment since July 2019, is based on hypothetical oil reserves in the country. Venezuela has the world's largest oil reservoir at 300 billion barrels, but it links the economy to oil exports. However, the oil price is anything but stable and depends on global economic developments. The financial crisis triggered a price drop of 50 percent.
The announced Christmas bonus represents the government's latest impulse to spread the cryptocurrency nationwide and integrate it into the economy. In the summer, Maduro had already stopped the Bank of Venezuela (BoV), one of the country's largest banks, from making the Petro Token available to its customers. In September, Maduro also ordered the funding of a social housing initiative in Petros.
Although Maduro never tires of labeling the Petro with promises of salvation, the cryptocurrency has so far not triggered growth in the country's economy as a whole. There were only 400 companies that accepted petro payments as of last month, a government press release.
Be sure not to miss any important news related to Cryptocurrencies! Follow our news feed in the way you prefer; through Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). Bitcoin never sleeps. Neither do we .