Venezuelan president insists workers should save into state-run crypto

October 19, 2018
Chris Wheal

The Venezuelan president Nicolas Maduro has called on his nation’s workers to save in gold and state-run cryptocurrency Petro as part of nationwide salary shake-up.

Talking to the nation in a television broadcast, Maduro said that “in the coming weeks,” workers would begin receiving bonus payments “based on” Petro, rather than the  fiat currency, the Sovereign Bolivar.

The Petro has come in for a lot of criticism within Venezuela and outside.

But as Coin Telegraph reports, since its formal launch, Petro has aroused  suspicion within and outside Venezuela. The suspicion relates to the backing of Petro from a state oil company with larger debts than the cryptocurrency’s market cap.

An investigative article in technology publication Wired back in August referred to it as a “scam on top of another scam.”

President stands firm

Despite these concerns,  Maduro has insisted the new bonus scheme represented payments as they should be, while also requesting viewers to turn to gold and Petro for their savings.

“I call on workers to invest a part of their bonuses in the gold savings plan, come here, legally, you will have your legal certificate, invest it in Petro to strengthen the family economy,” he said.

This week Maduro also authorized six cryptocurrency exchanges in  Venezuela to begin offering Petro trading.

 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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