How Venezuela’s Economic Meltdown Has Hit Pensioners Where It Hurts the MostYahoo Finance #Pensioners_WhereJanuary 12, 2019
Venezuela’s government has begun making pension payments in its cryptocurrency, the Petro, instead of the sovereign bolivar, according to a report from Caracas Chronicles .
Retirees initially received Christmas bonus payments via the government Carnet de la Patria system this month in bolivars, but the amounts were quickly withdrawn and then resent in Petros.
The Patria website exists outside of the traditional banking system.
“The government has been handing out bonuses to the pensioners through the carnet de la patria system for months now,” Carlos Hernandez wrote.
Making people dependent on government bonuses to survive, and making the webpage patria.org.ve the only way to access those bonuses is the perfect way to get them to ditch their official banking system.”
Maduro said at the time that one Petro would be equal to 3,600 sovereign bolivars.
Currently the Petro is not on any major exchanges, making it worthless outside Venezuela, but its official website says one Petro is worth nearly $60.
According to the official exchange rate, one U.S. dollar is worth 10 sovereign bolivars.
On the black market, it will cost you 526 bolivars to get $1.
The Venezuelan government has just submitted data to the IMF for the first time in a decade, and the organization is now reviewing the information.