Venezuelan Retirees to Receive Half a Petro This Coming Christmas

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The government of Venezuela recently announced that all retirees and public workers of the country would receive half a Petro each as their Christmas bonus. The first announcement about converting Christmas incentives to Petro first came out in mid-November. Last December 15, President Nicolas Maduro finally disclosed how much each person would get. 

In his speech, President Maduro confirmed that Petro incentives would be given to more than 8 million Venezuelans within this week. He also revealed that 3, 500,000 people in the list are public workers while the rest are retirees. 

It’s worth noting that Maduro’s government had given the country’s national cryptocurrency a fixed value. Each Petro is worth $60, which means beneficiaries of the Christmas bonus would have $30 each. The government is about to release $240 million, according to estimates.

To be able to get the Christmas bonus, retirees and public workers must have a PetroApp account, the country’s official crypto wallet introduced in May. It is the only platform that conducts and facilitates transactions that involve the oiled-backed digital currency. As reported by El Universal, a local news outlet, the holiday bonus would be airdropped using the state’s crypto platform. 

In his speech, the Venezuelan president stressed that this week would mark the beginning of the country’s rise to a stronger economy, wherein citizens would once again feel robust social protection. 

Maduro also emphasized that his government had spent almost two years developing the state’s cryptocurrency and that one of his first projects that involved Petro was the placement of 5 billion barrels of oil. In his speech, he was hinting that Venezuela is producing barrels of oil solely to support Petro.

However, as noted by industry analysts, President Maduro had also mentioned in one of his public speeches that the government has 30 million barrels of oil. Every time he gets the chance, the president emphasizes that claiming the state’s cryptocurrency is a great decision since there is a pool of physical wealth that backs it.

Concluding his speech, President Maduro announced that over 50,000 merchants in Venezuela have already agreed to accept and process payments that involve Petro. 

 

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