The Venezuelan President announced the "petrolization" of the sphere of social support of the population.
Nicholas Maduro continues 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.
Bolivar has been falling for several years now, andthe government is trying to stop inflation with digital tokens. In 2020 alone, the annual inflation rate reached 6,500%, as a result of which the savings of Venezuelans turned into smoke.
As LocalBitcoins data shows, the volumestransactions with Venezuelan bolivars are on the rise. Analysts at Chainalysis say Venezuelan crypto traders are among the most active in the world in p2p trading. However, Bitcoin is more popular in the country 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.
Subscribe to ForkNews on Telegram to stay updated on news from the world of cryptocurrencies