While they have been a recent upturn in countries looking into the development of a national digital token for various reasons, few countries have been quite as dedicated to this cause as Venezuela. Last year, the country launched its national Petro token as a means to combat the growing hyperinflation and have been adamant about its use across the country. For example, bonuses are page to public workers in Petro and one must use the digital token if one wishes to acquire a passport within Venezuela. Needless to say, the Petro is not going anywhere anytime soon.
It was recently announced that Venezuelan President Nicolás Maduro will be paying half a Petro to all public service workers and retirees as a Christmas bonus.
It should be noted that Venezuela has 4,500,000 retirees and 3,500,000 public workers and with the speech made on December 15, 2019, the president expects to give half a Petrol to roughly 8,000,000 Venezuelans over the next week.
A single Petro has a fixed price of $60 which means that each Venezuelan receiving the bonus will receive roughly $30 and the governmental spend roughly $240 million on Christmas bonuses in the form of Petro. The president has stated that this week will mark a new era in social and economic protection for Venezuelans and that after the petrol was launched following two years of development, the first thing done was to replace 5 million barrels of oil as support for the token. The president also claims that the 5 million barrels of oil are already in production for the support of the Petro but another 30 million barrels are already in existence that is to support the Petro for whoever wishes to claim it.
On top of this, 50,000 merchants within Venezuela have allegedly agreed to accept the Petro as a means of payment. With all these things considered, it is clear that the Venezuelan government is fully dedicated to the concept of the Petro and will not be backing down anytime soon.