The pensioners of the state-owned oil business of Venezuela, PDVSA, have actually started receiving a Christmas benefit in petros (PTR), the first national cryptocurrency introduced back in 2018. The petro, which is backed by Venezuelan oil and other resources, can be sold regional exchanges for these pensioners to gain access to fiat currency, as the reach of the currency as a way of exchange is still limited according to regional reports.
Venezuelan Pensioners To Get 2 Petros This Christmas
A group of Venezuelan pensioners coming from the PDVSA, the state-owned oil business, will get a bonus paid in petro (PTR), Venezuela’s nationwide cryptocurrency released back in 2018. The pensioners will receive this bonus as a Christmas gift through the Motherland platform, where they will be able to handle the 2 Petro (worth around $120) that started being deposited on December 23.
The pensioners destined to get this bonus will get an alert by means of the platform so they can move their 2 PTR out of it. While there is a healthy quantity of activity connected to the petro in national exchanges, its reach as a means of exchange is really limited at the minute, as lots of pensioners have suggested they intend to exchange it to purchase products and spend for services.
The History And Cost Motions of The Petro
Released back in 2018, the Petro was the first state-backed cryptocurrency network, years before El Salvador adopted bitcoin (BTC) as a legal tender. Initially, the Petro was planned to preserve a steady price of $60 backed by a basket of oil and other resources readily available in Venezuela. However, the market did not absorb this effectively, and due to the limited utility of the currency, it has traded at a fraction of the intended rate.
This trend was reversed recently when petro reached record rates in national exchanges. The regional cryptocurrency portal Morocotacoin specified that the crypto asset was trading for more than $50 in some exchanges, reaching $56 in some circumstances. This is not the very first time that the Venezuelan federal government has actually used the petro to provide rewards to Venezuelan people in December.
In fact, two years back in 2019, the government did the same thing, giving half of a petro unit ($30) to all the pensioners and state workers as a Christmas present. On that event, the federal government distrubuted payments in petros through the POS systems of state-owned banks, so employees might utilize it more quickly, and merchants could exchange the petro for fiat currency instantly.
What do you think of using the Petro to pay pensioners in Venezuela? Tell us in the comments area below.
Sergio Goschenko Sergio is a cryptocurrency reporter based in Venezuela. He explains himself as late to the video game, entering the cryptosphere when the rate increase happened during December 2017. Having a computer engineering background, residing in Venezuela, and being affected by the cryptocurrency boom at a social level, he offers a different viewpoint about crypto success and how it assists the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This short article is for informative functions only. It is not a direct deal or solicitation of a deal to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting suggestions. Neither the company nor the author is accountable, directly or indirectly, for any damage or loss triggered or alleged to be triggered by or in connection with making use of or reliance on any material, goods or services mentioned in this post.
More Popular News
In Case You Missed It
American professional basketball gamer for the National Basketball Association (NBA) Kevin Durant, is signing up with Coinbase according to a current report from Bloomberg. According to the report, Durant will appear as “a face of the brand name” and will assist promote the … find out more.