Nicolas Maduro the President of Venezuela on Thursday admonished workers to invest in gold and Petro. Petro is the state oil-backed cryptocurrency. He made this call during an announcement addressing salary increment.
He stated that workers will receive bonus payment through cryptocurrency in the coming weeks. He also advised the finance minister, the president of the central bank and the minister of industry to make the gold and petro investment plan accessible to employees in the country.
Following its launch, the oil-backed crypto has come under serious criticism both within and outside Venezuela. Critics are claiming that the crypto’s support comes from a state oil company having more debts than the cryptocurrency’s total market cap.
According to report, it was alleged that the Petro is based on oil reserves that are either underdeveloped or inaccessible making it of little or no value. New reports show that Venezuelans have turned to cryptocurrency and peer-to-peer bitcoin trading, hoping to ward off the effects of the country’s economic crisis. Unmoved, Maduro said the recent bonus system showcases payments “as it should be”. He admonished workers to save using gold and Petro.
In respect to this, President Maduro and his wife First Lady Cilia Flores invested part of their personal savings in September. He also instructed Tarek El Aissami, the Minister of Industries, the finance minister and the Central bank President to expand the benefits of the gold and petro savings plan to workers in the country.
Maduro stated during a broadcast, “I call on workers to invest a part of their bonuses in the gold savings plan, come here, legally; you will have your legal certificate, invest it in Petro to strengthen the family economy. We are laying the foundations of a savings plan that guarantees the worker a future.”
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