Venezuela began paying a pension in cryptocurrency

Venezuelan’s government began to pay pensions in the controversial National Cryptovalum Petro without the consent of the elderly population.

Usually, pensioners received Bolivars each month to their bank account and could receive cash in the nearest branch. However, the last accruals were first sent to the web wallets of citizens and were automatically converted by the Government in Petro after sending. This means that the authorities first enrolled Bolivari, then removed them all and replaced the cryptocurrency. Such a decision was initiated from above without any coordination with citizens.

Local English-language blog

In addition to the transfer of pensions on Petro, citizens are obliged to pay for the passport only with cryptocurrency. Earlier, President of Venezuela Nicolas Maduro said, the salaries of citizens will also translate the virtual currency.

According to Exante’s expert Victor Argonova, the investigation showed that the fields and oil to which Petro was «tied» does not exist, so the government plays aggressively, artificially creating at least some turnover and the lifting of liquidity to its project. In general, he is pessimistic about the course chosen by the country’s leadership:

«In a country, where for $ 1 you can buy 100 liters of gasoline, the existence of such schemes with pensions and national cryptocurrency is quite explained, but it is not better from this. It remains only to hope that it is always against the logic to go. Ultimately, El Petro with Large probability will go into oblivion along with the current political course «

While in Venezuela is fully moving to cryptocurrency, the Chinese authorities strengthen their negative in relation to