Minimum Wage In Venezuela Will Be Paid In Cryptocurrencies

The minimum wage in Venezuela will be paid in cryptocurrencies. The minimum wage will be half a Petro (PTR).

Venezuelan President Nicolas Maduro announced the new minimum wage in the country. The minimum wage is fixed on the government cryptocurrency Petro (PTR). The minimum wage, fixed at half PTR, rose to 126 Venezuelan bolivars, or about $28. This means an 18-fold increase. For now, no further information on the subject has been shared. The country's cryptocurrency Petro (PTR) is built on the DASH blockchain. Centralized around government issuance, PTR actually works more like a Central Bank Digital Currency (CBDC) than a cryptocurrency. In theory, it is possible to buy PTR with Bitcoin and Litecoin from the Venezuelan central bank or local exchanges. However, it is also said that prices vary a lot between the central bank rate and the private exchange rate. According to reports, citizens of the country generally do not prefer to use PTR. However, things can change with this minimum wage move.