Venezuelan President Airdrops Petros To Doctors Amid Collapse

Nicolas Maduro is the Venezuelan president known as the former bus driver and one of the most radical leaders of the country. As of recently, we can see that the country has taken steps to protect itself against the coronavirus but also award the doctors in the same way. In that manner, the Venezuelan president airdrops one Petro (the national cryptocurrency) to each doctor.

The ‘Doctors of the Homeland’ initiative will see each Venezuelan doctor getting one Petro air-dropped by the administration’s oil-backed Petro cryptocurrency tokens, as an April 2 tweet published by a government official showed.

The tokens will be distributed through the ‘Patria System’ that Venezuela uses – or a platform which is launched by the government to bypass the nation’s failing banking system and issue bonuses and subsides using the cryptographic token.

In the cryptonews, Petro tokens are purportedly pegged to the price of one barrel of Venezuelan oil. Following a crash down to 18-year lows during March, the price of oil bounced 20% in the past day to currently trade at around $27 per barrel.

While the Venezuelan president airdrops Petro to the doctors in the country and claims that one such coin is worth roughly , the exchanges and trading platforms used by Venezuelans currently list the token for roughly to .
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However, given that the monthly minimum wages in the country equate to $3.61 plus $2.89 in food stamps, doctors are estimated to earn a little more. In a scenario like this, one Petro could equate to several months of work.

As many analysts said in the altcoin news lately, the fact that the Venezuelan president airdrops Petro is a good move – but perhaps a better option would be to hand the coins directly to Venezuelan Hospitals, most of which are ill-equipped to cope with the coronavirus pandemic. On April 1, a report from Vice showed that soap and disinfectant are “luxuries” at the Caracas University Hospital.

The shortages in protective equipment will certainly make the staff overwhelmed as the number of confirmed COVID-19 cases grows. “My fear is that we won’t have supplies next week when cases are expected to spike,” said the university’s head of infectious diseases, Maria Landaeta.