Nicolás Maduro says he plans to giveaway 0.5 Petros (five times the minimum wage) to all eligible citizens in Venezuela.
December 15, 2019, | AtoZ Markets – Venezuela will be conducting a Petro airdrop giving Petro to every eligible citizen in the country. The announcement was made by the country’s President Nicolás Maduro that revealed that every eligible citizen would be receiving 0.5 Petro tokens in the giveaway. the Venezuelan president clarified that the transaction fulfills the function of the Christmas bonus.
Venezuela is one step closer to Petro adoption
Although it may seem like a small amount the giveaway is being conducted on a nation-wide scale and would be affecting millions of citizens. The giveaway is expected to drive Petro adoption in the region.
The 0.5 Petro will be equivalent to $30 for each beneficiary. Many of these citizens will be pensioners, public workers, military personnel among other things. This is not the first Petro giveaway by the administration. Before now, the President decided to reward tokens through the Patria system.
The tokens’ promotion is led by Maduro himself as a way to rise from the social and economic pressure and reduce the inflation of the country. Maduro has spoken on state-television about Venezuela’s oil-backed Petro cryptocurrency project.
Since the death of Hugo Chávez in 2013 the company has fallen into a deep economic and political crisis. With pressure from US President Donald Trump, the inflation rate of the country exceeded one million percent in 2018. As a result, the region’s fiat currency became worthless and social and economic conditions continued to deteriorate. Now Petro has appeared as a source of relief.
How to qualify for the giveaway?
Dubbed as a Christmas incentive, the 0.5 Petro comes with one condition: Recipients must first download and register an account with the country’s newly released Petro App before they can receive their Petros next week.
However, the app would allow users to trade their funds against Bitcoin, Ethereum and Litecoin. Petro was created a few years ago in order to serve as a currency that would allow the nation’s citizens to make everyday purchases.
It is the only Petro wallet currently available. Hence, every transaction using the digital currency must be made through this platform.
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