Venezuela will pay benefits to citizens in Petro

The President of Venezuela announced “petrolization” spheres of social support of the population.

Nicolas Madurocontinues to try to save the national economy and defeat hyperinflation with the help of the Petro cryptocurrency.

The President announced that the payment of all basic social benefits to citizens will take place in Petro. In his opinion, this will stabilize the economy.

The Bolivar has been falling for several years now, andthe government is trying to stop inflation using digital tokens. In 2020 alone, the annual inflation rate reached 6,500%, causing Venezuelans' savings to go up in smoke. 

As LocalBitcoins data shows, volumestransactions with Venezuelan bolivars are growing. Chainalysis analysts say that crypto traders from Venezuela are among the most active in the world in the field of p2p trading. However, Bitcoin in the country is more popular than the national Petro.

In some large Venezuelan cities suchlike Caracas, Maracaibo or Valencia, you can already pay with national digital coins from street vendors. The trend has spread widely to both convenience stores and utility bills.

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