According to new reports published by the Caracas Chronicles website, the government of Venezuela is active in the latest crypto news and has reportedly started converting the pensioners’ monthly payments (pensions) from the country’s fiat currency (the Bolivar) to the oil-backed cryptocurrency Petro, without giving them a single choice.
As the politics and economics-focused website noted, the country’s pensioners are usually notified every time their monthly payments arrive, but this time received a second notification which informs them that the funds were “for the concept of Savings in Petro.”
The website also said that pensioners have started depending on government bonuses after years of hyperinflation saw most of their savings becoming worthless. According to Bloomberg’s reports, Venezuela’s inflation rate is now close to 200,000%.
Based on these payments, the pensioners must regularly visit a government-owned portal (www.paria.org.ve) which they have to use in order to transfer the funds to their bank accounts. The Caracas Chronicles claims that the Venezuelan government deposited the bolivars to the pensioners’ accounts and then converted them to its oil-backed cryptocurrency.
“They sent people the bolivars, and then, from their accounts, they exchanged them to petros.”
Meanwhile, Venezuela has been pushing for Petro adoption for months now. The government has already ordered local banks to adopt the cryptocurrency and also made it an official alternate currency in the country.
Currently, it is unclear how the pensioners will be able to use their Petros. Per the website, it is possible for citizens to convert them back to bolivars through the government’s portal – but that is not easy.
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