Venezuela to Pay Social Benefits in Petro
Venezuela announces that social payments will be paid with crypto secured by oil
Petro was released in 2018. With his help, the authorities planned to fight U.S. sanctions. Over the years, crypto has been introduced in many areas of public life.
In 2021, it will provide anti-inflationary protection of state benefits. Given the rate of inflation, which for the year increases by 2959.8%, this is a reasonable decision.
Maduro announced his decision during an interview on International Workers' Day. He said crypto would help achieve financial stability.
Earlier, a bill proposed to index the minimum wage and the price of Petro was submitted to the parliament. This would allow the salary to grow depending on the price of the token, which is provided with oil and has every chance to become more expensive over time.