Il Venezuela continues to focus very strongly on cryptocurrency, seen as the tool that could help the South American country to overcome, at least in part, the difficulties created by the US embargo on the national economy. If the government of Caracas has long since launched the Petro, the national cryptocurrency guaranteed by the oil and mineral reserves enjoyed by the country, citizens also decided in turn to use digital assets to better face the excessive devaluation of the Bolivar. Many of them, in fact, as soon as they receive the salary do not hesitate to convert it into Bitcoin, whose volatility, albeit very high, still makes it possible to better guarantee its purchasing power.
Maduro's Christmas bonus
In line with the policies implemented in recent times, which have allowed cryptocurrencies to have an increasingly important importance, the Venezuelan president, Nicholas Maduro, has decided for Christmas to give a bonus to his fellow citizens. Next week, in fact, there will be an airdrop of half a Petro to the benefit of all Venezuelan civilians, including retirees, public sector workers and the military who have registered over the past months at the platform called PetroApp.
To better understand the importance of the decision it is necessary to underline how in practice it is the correspondent of about thirty US dollars and that the minimum wage in force in the country stands below $ 10. Therefore, a figure that can prove invaluable for households that are troubled by the embargo to which the country has been subjected for some time.
What is PetroApp
PetroApp is one digital platform designed to manage the Petro and other digital coins. This is a web portal, therefore, where in addition to buying or selling Petro, it is also possible to exchange it with other cryptocurrencies such as Bitcoin, Dash e Litecoin, supported by it.
Maduro's move also responds to the need to make Petro's penetration into the national economy ever stronger, as it is in all likelihood there will be many Venezuelan citizens who will take advantage of the opportunity to register on the platform. An answer also due to the fact that there are few exchange who agreed to include Petro in their price lists.
The need to help Petro grow
As you can easily understand from Maduro's decision, Petro, despite two years having passed since its adoption, it's not going well. This is also demonstrated by the fact that so far they would be only 400 companies that accept it within their transactions. A fact that forced the president to intervene to order the others to do the same, starting from Banco del Venezuela, the largest banking institution in the country.
The government of Caracas then decided to allocate 924 million bolivars, equivalent to about 92,5 million dollars, in favor of the Digital Bank of Youth and Students. An appropriation whose purpose is the diffusion of wallet Petro in favor of young Venezuelans. A decision that was greeted with considerable enthusiasm by Josè Angel Alvarez, president of the National Cryptocurrency Association, who said that such a decision represents a fundamental step in the growth of a hybrid economy, in which virtual uniforms have a significant space.