Pensioners of the National Oil Company Will Receive 2 Petros as a Gift in Venezuela

News Feed - 2021-12-28 04:12:43

Pensioners of the National Oil Company Will Receive 2 Petros as a Gift in Venezuela

The pensioners of the state-owned oil company of Venezuela, PDVSA, have started receiving a Christmas bonus in petros (PTR), the first national cryptocurrency launched back in 2018. The petro, which is backed by Venezuelan oil and other resources, can be traded in local exchanges for these pensioners to access fiat currency, as the reach of the currency as a means of exchange is still limited according to local reports. 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. The pensioners will receive this bonus as a Christmas gift via the Motherland platform, where they will be able to manage the two Petro (worth approximately $120) that started being deposited on December 23.

The pensioners destined to get this bonus will receive an alert via the platform so they can move their two PTR out of it. While there is a healthy amount of activity linked to the petro in national exchanges, its reach as a means of exchange is very limited at the moment, as many pensioners have indicated they intend to exchange it to purchase goods and pay for services. The History And Price Movements of The Petro

Launched back in 2018, the Petro was the first state-backed cryptocurrency network, years before El Salvador adopted bitcoin (BTC) as a legal tender. At first, the Petro was intended to maintain a stable price of $60 backed by a basket of oil and other resources available in Venezuela. However, the market did not assimilate this very well, and due to the limited utility of the currency, it has traded at a fraction of the intended price.

This trend was reversed recently when petro reached record prices in national exchanges. The local cryptocurrency portal Morocotacoin stated that the crypto asset was trading for more than $50 in some exchanges, reaching $56 in some instances. This is not the first time that the Venezuelan government has used the petro to give bonuses to Venezuelan citizens in December.

In fact, two years ago 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 gift. On that occasion, the government distrubuted payments in petros through the POS systems of state-owned banks, so workers could use it more easily, and merchants could exchange the petro for fiat currency automatically. Tags in this story Bitcoin, christmas gift, pdvsa, Petro, Price

What do you think about using the Petro to pay pensioners in Venezuela? Tell us in the comments section below. Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Colombian Real Estate Platform Allows Users to Acquire Property With Bitcoin NEWS | 12 hours ago The Opendao Gives Xmas Airdrop to Opensea Users NEWS | 16 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleStudy Shows Market Share of Altcoins Surged Threefold Since 2014 Next articleThis Year’s Top 10 Crypto Asset Gainers Outshined BTC’s and ETH’s 12-Month Returns Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRobinhood Launches Cryptocurrency Gifts Program

Trading platform Robinhood is launching a cryptocurrency gifts program, allowing users to gift several cryptocurrencies, including bitcoin, dogecoin, ether, bitcoin cash, and litecoin. As with crypto trading, gifts are commission free and users can gift as little as $1 in ... read more.Lending Platform Ledn Launching Bitcoin-Backed Mortgage Product, Raises $70 Million Illegal Crypto Miners Threatened With Jail Time in Russia Canaan Secures Order for 30,000 Bitcoin Mining Rigs From Genesis Digital Assets Ripple Achieves "Strongest Year Ever" Despite SEC Lawsuit Over XRP, Says CEO