According to Bloomberg news, Venezuela announced that 50% of its minimum wage will be pegged to the country’s cryptocurrency Petro (PTR).
Venezuelan President Nicolas Maduro announced a new monthly minimum wage of 126 Venezuelan bolivars ($28). Maduro announced that the minimum wage will be fixed by 50% to the country’s cryptocurrency, the Petro. In this case, the minimum wage in the country has increased 18 times.
Maduro explained that the minimum wage is 126 bolivars (about 28 dollars);
“You proposed increasing the minimum wage for workers to half a petro, and we approved. With this practice, all salary incomes have also increased. I’ve also instructed vice president Delcy Rodriguez. He will meet with private sector executives to see the salary increases of the workers in their accounts this month.”
The country’s CBDC, Petro, is built on top of the DASH blockchain and centralized around government issuance.
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