An important step towards the adoption of cryptocurrencies has come from Venezuela, which has launched its own national cryptocurrency Petro (PTR).
According to Bloomberg’s report, Venezuela announced that the country’s minimum wage will now be fixed at 50% to the national cryptocurrency Petro (PTR).
Nicolas Maduro, President of Venezuela, one of the countries with the highest inflation in the world, said in a statement that the monthly minimum wage in the country has increased to 126 bolivars ($28), fixed at half a petro, the national cryptocurrency.
“You proposed to set the basic minimum wage for workers at half a Petro and it was approved.”
The Petro fix on the minimum wage, when it was last raised to roughly $2 in April 2021, means an 18-fold increase in the minimum wage.
Acknowledging that the private sector is already paying much higher salaries, Maduro said feasibility studies are needed to find a sustainable and viable way for wages to continue to rise.
What is Petro (PTR)?
Built on top of the DASH blockchain, Petro was launched in 2018.
The Petro, which is used as a central bank digital currency rather than a cryptocurrency due to its issuance by the state, is not preferred by many Venezuelans, but only used out of necessity.
In this context, since the pension payments in the country are made with Petro, citizens are obliged to use Petro.