The Venezuelan government began to force citizens to retire to the national cryptocurrency Petro, writes the local newspaper Caracas Chronicles.
Previously, pensioners received Bolivars monthly in their bank accounts and could withdraw cash at any bank branch. However, as the newspaper writes, this time the Venezuelan authorities automatically converted the bolivars into Petro - even after sending.
The decision to transfer pensions to cryptocurrency wasn't agreed with the citizens. However, in this way, the Venezuelan authorities are trying to artificially increase the circulation of Petro tokens.
Moreover, it's unknown how people in the country will be able to use Petro tokens.
Previously, the Venezuelan authorities obliged citizens to pay for obtaining foreign passports only with Petro. In addition, local banks began to display user's accounts in Petro.
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