Wages and prices in Venezuela will tie El Petro

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In Venezuela from August 20 wages and prices are linked to the national cryptocurrency El Petro. This was stated by President Nicolas Maduro.

He is confident that this move will enhance the stability of salaries of the working population, and would also prevent speculators to inflate the price.

“they have no excuse for speculation, because prices will be anchored at the petro”.

While the Sovereign Bolivar — the national currency of the country will remain as the unit of accounting together with El Petro. Also since August 20, all state companies, including oil PDVSA, will be required to use cryptocurrency in its operations.

Earlier Venezuela had proposed that India, one of the main buyers of oil, to make payments in El Petro at a discount of 30%, but the country refused the offer.

We will remind that earlier the government had decided to replace the existing national currency new currency which will be tied to bitcoin El Petro.

Recall that El Petro is the official cryptocurrency of Venezuela provided oil. Its price
tied to the cost of a barrel of oil, and the emission is limited to 100 million coins.

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