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Venezuela Converts Benefits to El Petro Digital Currency

Venezuelan President Nicolas Maduro has ordered social payments in the national digital currency El Petro. Reported by RIA Novosti.

The initiative aims to protect benefits from hyperinflation.

“I have accepted a proposal that will serve financial and economic stability -“ petrolize ”social payments to employees of a centralized, decentralized state administration and the public sector,” Maduro said.

Recall that the digital currency El Petro, allegedly backed by oil produced in the country, appeared in early 2018.

A number of Venezuelan businesses have been ordered to make deals at El Petro. Later, Nicholas Maduro announced that the country would have a new salary and price system tied to the national digital currency.

The national digital coin is not in demand among the population. Retailers refuse to accept it for payment. The popularity of bitcoin is growing in the country.

According to LocalBitcoins, in 2020, Venezuelan citizens ranked second in terms of trading volume for the first cryptocurrency on a p2p platform.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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