There are various reasons why a country would decide to release its own central bank-issued digital currency and these range from technological innovations to relief during times of crisis. In the case of Venezuela, the Petro token was launched to combat extreme hyperinflation that plagued the country and to provide a source of economic relief for citizens. Thus far, the government and its president have been very determined to sustain the Petro as it has been made the mandatory form of payment for acquiring a passport within the country.
According to November 17, 2019 reports, President Nicholas Maduro has made the decision to pay the Christmas bonuses of retirees and pensioners within the country in the form of the digital token rather than fiat currency.
A Merry Petro Christmas
This is not the first Christmas in which pensioners and retirees will be receiving their bonuses in crypto as the same thing was done in December 2018 and it seems the country intends to keep up this practice.
The petrol token was first launched in a pre-sale in February 2018 and later that year became widely circulated across the country but drew a lot of criticism from outsiders as many felt it was a desperate attempt by a debt-ridden country to solve their problems with cryptocurrency. However, the country has been adamant in making sure that the Petro is widely used by embedding it into various aspects of public life such as the payment for passports and now the paying of Christmas bonuses.
It should be noted that many public officials within Venezuela are just as enthusiastic for crypto as their president as the Deputy of the National Constituent Assembly of Venezuela, Francisco Torrealba, stated just earlier this month that he believes that cryptocurrency will replace fiat currency in the near future. According to him, the country is going through a time of great change and that President Maduro is making a great contribution to the country by creating the Petro and that in the future, everything will be from the Petro.