RATE Group | Venezuela paying Christmas bonuses in its Petro cryptocurrency
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Venezuela paying Christmas bonuses in its Petro cryptocurrency

18 Nov Venezuela paying Christmas bonuses in its Petro cryptocurrency

Posted at 19:55h in Cryptocurrency News by

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Venezuela is planning to pay the Christmas bonuses of retirees and pensioners using its own state-backed cryptocurrency, Petro.

According to local news organization Venepress, the news was announced by the Venezuelan President Nicolás Maduro over the weekend.

Although issuing pensioner bonuses through a cryptocurrency may sound like an odd decision, this isn’t the first time that it’s happened in Venezuela.

Last year, the country’s government traded and converted pensioners’ monthly bonuses into Petro without their consent. According to politics blog Caracas Chronicles, the money was sent to the pensioners’ web fiat wallets before being withdrawn and changed into Petro.

They reportedly received the following messages:  “MOTHERLAND WALLET: CREDIT for an amount of Bs.S. 1,800.00 for the concept of Elderly Love Pensions (Third month Christmas bonus 2018) on 12/07/2018.

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