Venezuela has reportedly begun to swap payments of old-age pensions, converting them from bolivars into the national oil-backed cryptocurrency, Petro (PTR). According to popular politics and economics blog Caracas Chronicles, the government just took the pensioners’ monthly payments in December and automatically converted them into Petros without the consent of the recipients.
On December 7, Venezuela’s elderly residents got messages notifying them that their money was automatically withdrawn from their web fiat wallets and changed into the cryptocurrency, the publication said.
Back in August, President Nicolas Maduro declared his intention to use the cryptocurrency in the national pension system. However, the government-issued Petro is highly controv...
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