Venezuela’s Government pays Pensioners’ Christmas Bonus with Petro (PTR)

venezuela petro
Will Pensioners accept Payment in Petro?

By the orders of the President of Venezuela, Nicolás Maduro, pensioners received their Christmas bonus payment in Petro (PTR), the countries’ own cryptocurrency.

From early morning, pensioners receive a message on their mobile phones with the notice that they were credited with an equivalent amount of 1.800 bolivares in Petros (PTR). This payment is the equivalent of the third month of the Christmas bonus.

The message was sent by the Patria platform, which is used by the government to deliver subsidies to Venezuelans. Pensioners need to access the website in order to verify the assignment and confirm the transfer of the funds.

The measure is part of announcements made by the Venezuelan leader on November 29th. Nicolas Maduro made readjustments to the price of the cryptocurrency, which went from 3,600 to 9,000 bolivars (VES) by presidential decree. He promised the payment in Petro (PTR) of an additional month of Christmas bonuses for pensioners as a “gift”.

However, users face difficulties in how to use the cryptocurrency, and want to convert their Petro into bolivars. On Twitter, some users of the governmental platform, showed how to transfer the money to a bank account in VES. The procedure requires following a series of steps on the Patria website, which many older adults are unaware of and apparently has not been properly explained.

Pensioners do not want the Petro

A lot of beneficiaries reject the payment in Petro. Especially because in Venezuela there are no ways that allows them to make any kind of transaction with the Petro. For that reason, they prefer to receive payment in bolivars, to dispose of the money immediately.

Luis Cano, representative of the Defense Front of Retirees, Pensioners, Senior Citizens and Elders of Venezuela, told local media that pensioners were not consulted about their inclusion into the Savings Plan in Petros. They demand the payment of the Christmas bonus in bolivars.

Similar opinions were published on social networks. Venezuelan pensioners expressed their dissatisfaction, and claimed not to be able to collect the allowance in Petro. It is still not possible to make payments in or exchange Petros (PTR).

Petro Savings Plan

The Venezuelan government initiated the sale of certificates for the Petro (PTR) Savings Plan on November 5. People receive certificates with a one year duration and quarterly amortizations. The purchase of Petros was authorized in exchange for sovereign bolivars, Bitcoin (BTC) and Litecoin (LTC), as well as purchase certificates.

All these initiatives are part of the plan that encourages the use of the Petro by the people of Venezuela. The measures try to establish payments of goods and services with the cryptoactive. But in practice, citizens are prevented from carrying out operations.


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