Copy link
Increase text size
Decrease text size
Link copied

Venezuelan president to give citizens 0.5 petro ($30) as a Christmas bonus

Venezuelan President Nicolás Maduro will be handing out 0.5 petro ($30) to the general masses in an attempt to push nationwide adoption of the cryptocurrency.

Image: Pixabay

Tue, 17 Dec 2019, 11:53 am UTC

Venezuelan President Nicolás Maduro has announced that the government will be handing out 0.5 petro (worth $30) – the country's oil-backed cryptocurrency. Civilians, military, retirees, pensioners, and public workers are all eligible for the imminent airdrop.

However, they’ll need to download the PetroApp wallet to qualify for eligibility. This move is thought to accomplish two things.

Local news portal El Universal said that it will function as a Christmas bonus. But it’s also likely the government’s attempt in pushing the general public to use petro in their daily lives.

Slow petro adoption

Despite launching in October 2018, nationwide adoption of the cryptocurrency has been slow even though the government has been trying multiple maneuvers to push this initiative forward. And since the average monthly salary in the country is around $6 to $8, a lot of people are going be enticed to download and use the aforementioned app.

Aside from using petro to pay for everyday goods and services, Venezuelans can also opt to swap it for other cryptocurrencies including dash, litecoin, and bitcoin.

A desperate maneuver

On the international scene, petro itself is seen as a forbidden currency and the United States has imposed sanctions on it, preventing its citizens to transact with it. However, during the presale of petro, it apparently raised $5 billion that saw participants from several countries, including the U.S. Other transactions came from China, Russia, Mexico, Brazil, Germany, and several more, Cryptonews reported.

The announcement comes months after Maduro said that Venezuela is developing a bitcoin-based payment scheme for national and international banking transactions. Opposition leader Juan Guaidó has disapproved of the strategy saying that it’s a sign of the regime’s current desperation to address the hyperinflation that’s been plaguing the country.

Moving to the crypto scene also allows Venezuela to bypass the sanctions imposed on it by other countries due to the nature of the innovation. Turkey, Russia, and China are thought to be supporters of petro, which is challenging the dominance of other national fiats including the U.S. dollar.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.06.13 02:38:19
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more me on whatsapp :+12067425358 happy new year to you all .......................................................
  • 0
  • ·
  • 0
  • Bitcoin (BTC) $13,236.10 (+0.75%)
  • Ethereum (ETH) $378.71 (-2.38%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $261.93 (-1.88%)
  • Chainlink (LINK) $10.93 (-5.28%)
  • Bitcoin (BTC) $13,236.10 (+0.75%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.