Tanya Abrosimova
Independent Analyst
- 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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?