Maduro transferred pensions to El Petro, people are shocked and dismayed
|- Venezuelan elder people suddenly realized that their pensions are now in Petros.
- People don't know how to get their money back.
The Venezuelan government started converting citizens' pensions in El Petro without people's consent, according to the local media outlet Caracas Chronicles.
Elder people used to receive bonuses from the government, which they transferred to their bank accounts and sent on everyday needs. However, now this money is locked in vague unpopular cryptocurrency and it is not clear how to make use of it.
"The elder money for the pension came in, and then immediately out, with the only description being: “Saving in petro.”
People are confused as they got dependent on these bonuses and counted days to them. However, now they will have to figure out how to get them back from Petros to Bolivars.
Nicolas Maduro has been anxious to force his digital currency on people, but the efforts proved to be a failure so far as Venezuelan people don't trust the cryptocurrency created and controlled by the government.
Earlier this month Maduro ordered to double the price of Petro, which now costs about $150 or 9,000 Bolivars. Economists and cryptocurrency experts lambasted this state-issued cryptocurrency as a scam and a profanation as its price shall be defined by market forces, not by orders.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.