Home / Crypto News / Venezuela, Petro's price raised to 2.5 times by statutory currency ratio

Venezuela, Petro's price raised to 2.5 times by statutory currency ratio

Venezuela issuing petroleum peg-type cryptographic currency · Petro has found that the price of this currency has been raised 2.5 times from the legal currency · Sobelin Bolivar ratio from 1st this month.

President Nicolas Maduro said on Thursday that it had raised the domestic minimum wage from 1,800 Bolivar to 4,500 Bolivar and set Petro’s price artificially again to link it.

The raise in the minimum wage is considered to be for reshaping Sovereign Bolivar which was influenced by hyperinflation.

The new minimum wage of 4,500 Bolivar is worth about 9.5 US dollars in the black market.

President Maduro is focusing on the spread of Petro and has agreed to pay Petro paying the passport issuance fee and partial salary.

Venezuela obliges Petro to use passport issuance / renewal payment

Meanwhile, Venezuelan citizens use Bitcoins as a way to escape assets, and LocalBitcoins on P2P trading platform trades 1284 BTC (about 5.6 billion yen) for only one week from November 24th to December 3rd .

Article Source: Venezuela Raises Monthly Minimum Wage for Sixth Time in 2018 | Bloomberg

Author: Yuya 【Coin Desk News】 – Source Post: https://crypto-times.jp/venezuela-triples-petro-price/

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