PDVSA is the Venezuelan state-owned oil firm. Since 2018, the pensioners have been receiving the Christmas bonus in petros. This was the first national cryptocurrency to be launched in Venezuela. These pensioners can trade the petro in their local exchanges to gain access to fiat currency. The currency is supported by Venezuelan oil.
Venezuelan pensioners to get 2 Petros this Christmas
A group of Venezuelan pensioners stemming from the PDVSA, the state-owned oil company, will receive a bonus paid in petro (PTR), Venezuela’s national cryptocurrency launched back in 2018. This bonus will be given to the pensioners as Christmas gifts via Motherland, where they can manage two Petros (worth around $120 each) which were deposited December 23.
This bonus is available to pensioners who are eligible. They will be notified via the platform that they have two PTR. There is some activity around the Petro in National Exchanges. However, the reach of the currency as an instrument of exchange is limited. Many pensioners indicated that they are planning to trade it for goods and services.
The Petro’s Price Movements and History
The Petro network was launched in 2018 and is the first state-backed cryptocurrency network. This came years before El Salvador accepted bitcoin (BTC), as its legal tender. Petro’s initial purpose was to keep a steady price at $60, backed by Venezuela’s oil and other resources. This was not well received by the market and it traded at half the price because of its limited utility.
The trend reversed when petro hit record highs in the national exchanges. Morocotacoin reported that the cryptocurrency asset had been trading at more than $50 on certain exchanges. In some cases, it even crossed $56. It isn’t the first time the Venezuelan government uses the petro for bonuses to Venezuelan citizens.
Two years ago, the government gave half a petrounit ($30) as Christmas gifts to pensioners and workers. To make it easier for workers and to allow merchants to exchange the petros automatically, the government made payments in petros using the POS system of state-owned bank banks.
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