According to new reports published by the Caracas Chronicles website, the government of Venezuela is active in the latest crypto news and has reportedly started converting the pensioners’ monthly payments (pensions) from the country’s fiat currency (the Bolivar) to the oil-backed cryptocurrency Petro, without giving them a single choice.
As the politics and economics-focused website noted, the country’s pensioners are usually notified every time their monthly payments arrive, but this time received a second notification which informs them that the funds were “for the concept of Savings in Petro.”
The website also said that pensioners have started depending on government bonuses after years of hyperinflation saw most of their savings becoming worthless. According to Bloomberg’s reports, Venezuela’s inflation rate is now close to 200,000%.
Based on these payments, the pensioners must regularly visit a government-owned portal (www.paria.org.ve) which they have to use in order to transfer the funds to their bank accounts. The Caracas Chronicles claims that the Venezuelan government deposited the bolivars to the pensioners’ accounts and then converted them to its oil-backed cryptocurrency.
“They sent people the bolivars, and then, from their accounts, they exchanged them to petros.”
Meanwhile, Venezuela has been pushing for Petro adoption for months now. The government has already ordered local banks to adopt the cryptocurrency and also made it an official alternate currency in the country.
Currently, it is unclear how the pensioners will be able to use their Petros. Per the website, it is possible for citizens to convert them back to bolivars through the government’s portal – but that is not easy.
Tech Giant Kakao May Introduce Millions Of People To Crypto
Cryptopia Exchange Resumes Its Trading On 40 Crypto Pairs
XLM Jumps By 11% After Banks Got Interested In IBM’s Stellar Blockchain Opportunity
Digitec Galaxus Group From Switzerland Officially Accepts Crypto Payments
“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
Join us on Facebook
- Dissident Revolutionary Group Use Crypto To Overthrow Kim Jong-Un In North Korea
- Crypto Benchmark Indices Launched On Bloomberg, Reuters And Nasdaq By CoinMarketCap
- Binance Enables Australian Users To Buy BTC At 1,300 Newsstands
- Ron Karpovich: Crypto Innovators Will Have To Use A Bank To Move Funds
- Binance: Australians Can Now Buy Bitcoin With Cash From 1,300+ High-Street Stores
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News2 days ago
Block.one CEO: Bitcoin Will Replace Gold As The Leading Commodity
Altcoin News5 days ago
Bitcoin Slowly Reaching $4,000 While Stock Market Goes Green
Bitcoin News4 days ago
Boston Legal System Damaged After BTC Ransomware Attack
Bitcoin News3 days ago
Analysis: Could Institutional Adoption Bring The Financial Elite To Destroy Bitcoin?
Bitcoin News4 days ago
BTC Lightning Network Surpasses 1,000 BTC Network Capacity On Its First Birthday
Altcoin News4 days ago
Cryptocurrencies Are Not Banned In Mexico: Bitcoin Exchange
Blockchain News4 days ago
Blockchain Representatives Raise Concerns About A Nevada Crypto Bill
Blockchain News2 days ago
Ledger Nano S Wallet Receives First Level Security Certificate From French ANSSI