Retirees From Venezuela Will Get Pensions In Petro Cryptocurrency

Retirees from Venezuela will start getting their pensions and their Christmas bonuses in the national cryptocurrency the Petro, as per the Venezuelan President Nicholas Maduro who announced the new measure as we are reading in the altcoin news today.

The Twitter profile of the local news outlet Venepress reported on the remarks that Maduro made on November 17 and the particular instance is not the first time that the Venezuelan President pushes the national cryptocurrency Petro into the wallets of the retirees from Venezuela and the pensioners so far.

As it was reported in December last year, Venezuela decided to automatically convert the pensioners’ bonuses for the year into Petro. The crypto asset in question was launched in a pre-sale back in February 2018 and raised concerns among the foreign observers from the very beginning.
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Later in August the same year, Petro was already denounced as an opaque ‘’stunt’’ that was backed by the centralized government of Venezuela and a debt-saddled currency.

However, the national cryptocurrency and other cryptos, in general, are being pushed massively by the local government. For example, Spain reported on November 13 that the deputy of the National Constituent Assembly of Venezuela, Francisco Torrealba who explained that he believes that all currencies will be replaced by cryptocurrencies.

Torrealba claimed that the country is facing a huge challenge and a change and Maduro is making a huge contribution to the country by creating the Petro cryptocurrency. He finished the interview by saying that ‘’everything will be from this currency.’’  As previously reported, the Venezuelan President has mandated that the country’s oil-backed cryptocurrency – the Petro – must be used for funding the ‘Great Housing Mission Venezuela’ social hosing program.

The minister of popular power for habitat and housing named Ildemaro Villarroel said that the program will be funded using the Petro cryptocurrency. In an official announcement posted on the department’s official website, the minister said that the Venezuelan President put a start to the scheme. He also noted that the financing mechanism is offering greater guarantees that the scheme’s outcomes will be achieved.

He also ordered the official bank of Venezuela (Banco de Venezuela) which is the nation’s biggest bank – to open a desk for the Petro (PTC) cryptocurrency. The famous oil-backed cryptocurrency which was created as a store of value in the country is apparently in the news again.