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“Saving In Petro” Venezuela’s Government Changes Pensioners Bolivar to Crypto by Force

According to information on local news outlet Caracas Chronicles, Venezuela’s President Nicolas Maduro has traded the elderly monthly pensions to the country’s crypto without their consent. This is the recent move by President Maduro to force the use of Petro in his agenda of fighting inflation in Venezuela.

Per the government plan, the elderly in the country receive their monthly bonuses from the government to support their day to day living. Just like in other months the elderly eagerly await for the notification from the government concerning their monthly bonuses and go to patria.org.ve government site to transfer their Bolivar to their local bank accounts. Once in the banks, they proceed to withdraw the cash from the banks. But this time around the elderly received two messages one confirming the government has released their first-month bonus followed by the other confirming their bonus has been converted to Petro.

Maduro Government Reason for Converting the Bonus

Per Caracas Chronicles the Venezuelan government is alleging that it’s trying its best to help the locals by assisting Venezuelans to fight inflation by saving in Petro. The latter is the new feature on patria.org.ve with a piggy bank image on the new feature. Furthermore according to Caracas Chronicles the government is trying its best to force Venezuelans to accept its oil-backed currency with its new card in the game saving in Petro. Moreover according to local news outlet above President Maduro is playing the saving in Petro card to gain control of the country’s financial system. To achieve all that the government is using the bonuses to force its people to use Petro instead of local currency. Furthermore making the elderly access their bonuses from the government website makes it easy to control the banking system.

Other Ways Venezuelan Government is pushing for the Adoption of Petro

Besides converting the pensioner’s cash President Maduro made Petro an alternate currency officially sometime back. Similarly, local banks were allowed to accept Petro as a currency in their day to day transactions. Furthermore, the Venezuelan government is ready to receive Petro as payment for oil from members of the Organization of Petroleum Exporting Countries (OPEC). Besides that Petro has gone ahead and offered India a discount of 30% only if they agree to pay in virtual currency. Apart from the above, there are several services Venezuelans can pay through Petro.

Although all the elderly bonus have been converted into Petro, they can change the Petro into fiat, but it’s not an easy task.