2 years ago
Venezuela announced that the country’s minimum wage would present beryllium pegged to the nationalist Petro (PTR) cryptocurrency, according to a report from Bloomberg connected Friday.
The President of Venezuela, Nicolas Maduro, announced the caller monthly minimum wage of 126 Venezuelan bolivars ($28). This represents a 18-fold summation to the nationalist minimum wage, which would beryllium 50% pegged to Petro, the authorities cryptocurrency.
At the clip of writing, the Venezuelan authorities did not instantly respond to petition for further details.
Petro is built connected apical of the DASH blockchain and is centralized astir authorities issuance making it much similar a Central Bank Digital Currency (CBDC) than a cryptocurrency.
Not overmuch is known astir Petro since its advertised block explorer is inaccessible. While the WayBack net archive shows thing that looked similar a artifact explorer disposable successful April 2020, the leafage has been blank ever since.
In theory, it is imaginable to purchase PTR with bitcoin and litecoin from either the Venezuelan cardinal slope oregon section exchanges, nevertheless the prices alteration wildly betwixt the cardinal slope complaint and backstage speech rate.
According to reports, astir Venezuelans bash not usage PTR by prime alternatively retired of necessity. For instance, pension payments are made successful PTR.
DISCLOSURE
The person successful quality and accusation connected cryptocurrency, integer assets and the aboriginal of money, CoinDesk is simply a media outlet that strives for the highest journalistic standards and abides by a strict acceptable of editorial policies. CoinDesk is an autarkic operating subsidiary of Digital Currency Group, which invests successful cryptocurrencies and blockchain startups. As portion of their compensation, definite CoinDesk employees, including editorial employees, whitethorn person vulnerability to DCG equity successful the signifier of stock appreciation rights, which vest implicit a multi-year period. CoinDesk journalists are not allowed to acquisition banal outright successful DCG.
Subscribe to Crypto for Advisors, our play newsletter defining crypto, integer assets and the aboriginal of finance.
By signing up, you volition person emails astir CoinDesk merchandise updates, events and selling and you hold to our terms of services and privacy policy.
English (US) 