Venezuelan Gov’t Swaps Fiat Pension Payments Into Petro Crypto

Traditionally, pensioners in Venezuela have received their monthly salary in Bolivares (which automatically gets transferred to one’s bank account at the start of each month). This money can then be withdrawn by the account holder as and when he/she chooses. However, now, with the government using the Petro token to make monthly pension payments, it remains to be seen how streamlined the withdrawal and deposition process will remain moving forward. With that being said, it is also worth noting that senior citizens who connect a petro wallet to their pension portal can easily withdraw their funds (and even convert their Petros back to Bolivars if needed).

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