Government in Venezuela began to pay pensions in cryptocurrency

On December 7 Venezuelan pensioners received two SMS at once: in the first it was reported that they received a pension in the Bolivars, and in the second – that the money was immediately transferred to the national cryptocurrency Petro. Petro is wonderful 🙂 because it is not accepted for payment in any store in the country. On a new way not to pay pensions, reports the publication Caracas Chronicles.

President Nicolas Maduro is trying to solve the problem of hyperinflation, which, by the end of November, amounted to 1.3 million percent on an annualized basis. From now on, the entire pension is in the SMS notification, how to pay with this message is still not clear.


The head of the country publicly announced raising billions of dollars to petro. However, as the Reuters investigation showed, the Venezuelan cryptocurrency is in fact not secured. In addition, it is not accepted for payment in almost any store in the country. Therefore, it remains unclear how pensioners will be able to use the pension converted into petro.

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