Venezuelans to Be Paid at Least Half a Petro a Month

1 Petro = 60 Dollars = 1 Barrel

60-Fold Increase of the Minimum Salary
President Maduro also announced that the minimum monthly wage in the country will be raised to 0.5 PTR, 1,800 sovereign bolivars or $30 USD. That’s 60 times more than the current 3 million old bolivars (30 after the denomination). The Venezuelan head of state also said the government will compensate small and medium-sized enterprises for the difference in the basic wages in the next 90 days. It will also raise the VAT from 12 to 16 percent. The changes come after Nicolás Maduro shared his intentions to denominate the bolivar back in March. The new banknotes were expected to have three zeros less than the current and were supposed to be issued in early June. The monetary conversion was subsequently postponed and in late July Venezuelan authorities announced that the petro-pegged bolivar will be introduced on August 20, getting rid of five zeros.State Retaking Control of Economy

Venezuela issued the petro in February becoming the first nation to adopt its own cryptocurrency. The crypto is backed by its oil reserves, one of the largest in the world. Caracas has been trying to introduce the coin in bilateral trade with countries like Russia and India but official agreements have not been reached yet. According to resent reports, the Islamic Republic of Iran, another country hit by US lsanctions with which Venezuela maintains close relations, is stepping up efforts to develop its cryptocurrency. Iranian government wants to use the coin to circumvent the restrictions reimposed by Washington this month which are mainly targeting its ability to acquire US dollars. What do you think will be the effect of the reforms Maduro’s administration is introducing? Share your opinions in the comments section below.There has to be a government, we have to retake the regulatory role, the authority of the state and the government to enforce economic rules.
Images courtesy of Shutterstock.
Bitcoin News is growing fast. To reach our global audience, send us a news tip or submit a press release. Let’s work together to help inform the citizens of Earth (and beyond) about this new, important and amazing information network that is Bitcoin. The post Venezuelans to Be Paid at Least Half a Petro a Month appeared first on Bitcoin News.
Bolivar COIN crypto Cryptocurrencies cryptos Currency denomination Economy & Regulation el petro Fiat Maduro monetary reform N-Economy Nicolas Maduro OIL oil backed Petro president Maduro salary Sovereign Bolivar strong bolivar Tax Taxes vat Venezuela Venezuelans wages