RATE Group | Venezuela Starts Converting Pensioners’ Payments to Crypto ‘Petro’: Report
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Venezuela Starts Converting Pensioners’ Payments to Crypto ‘Petro’: Report

14 Dec Venezuela Starts Converting Pensioners’ Payments to Crypto ‘Petro’: Report

Posted at 10:35h in Cryptocurrency News by

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petro cryptocurrency

The government of Venezuela has reportedly started converting pensioners’ monthly payments from the country’s fiat currency, the bolivar, to its oil-backed cryptocurrency Petro, without giving them a choice.

According to the Caracas Chronicles, a politics and economics-focused website based in Venezuela, the country’s pensioners are notified every time their monthly payments arrive, but this time received a second notification informing them the funds were “for the concept of Savings in Petro.”

Per the website, pensioners have started depending on government bonuses after years of hyperinflation saw their savings become worthless. Bloomberg’s Café Con Leche Index shows Venezuela’s inflation rate is now close to 200,000%.

Depending on these payments saw pensioners regularly visit a government-owned portal, paria.org.ve, which they have to use to transfer the funds to their bank accounts. The Caracas Chronicles claims the Venezuelan government deposited the…

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