Petro to Pay Salaries: Innovation from Venezuela

Nicolas Maduro, the President of Venezuela, came with one more innovation. Just a couple of months ago, the country came to the great idea to introduce the own cryptocurrency backed up by oil. It was meant to put the end of the crisis and to get the country out of the economic and financial hole.

This hasn’t happened yet, but a new innovation is on its way. Mr. Maduro has announced, that he is going to use the national cryptocurrency as a unit for accounting inside of the country. It means, that even salaries are going to be paid in Petros. Moreover, a new pricing system will be introduced, where prices will be anchored to Petro rather than to bolivar.

Maduro insists, that salaries payment in Petro should increase the income of the workers, and, consequently, their economical condition. So, starting from the 20th of August, Venezuela is going to have two official currencies: Petro and bolivar. Bolivar will have 5 zeros removed from the current value.

Note: The Venezuelan governmental cryptocurrency Petro was launched in February this year. This is the first backed up cryptocurrency. It is backed up by the Venezuelan oil.

The country launched the currency to attract foreign investors and as a potential solution to those numerous problems that are now in the country.

Add a Comment

Your email address will not be published. Required fields are marked *