Nicolas Maduro, president of Venezuela, announced the increase of the minimum monthly salary of Venezuelan workers to half a petro, or about $29.
This is not the first time that Maduro has informed the public about a minimum wage raise linked to the national cryptocurrency. In 2018, Maduro
a wage hike that took the minimum monthly wage to half a petro, or about 1,800 VES, at that time. However, devaluation struck, and the wage kept its price static in VES, affecting the purchasing power of the Venezuelan workers.expressed in local media has to do with the real application of the petro peg, and if the Venezuelan government will pay these wages according to the dollar value of the petro, or if this will only be used as a temporal unit of account.
tax that affects payments in dollars and in any cryptocurrency not issued by the government will not apply for payments and transactions made with the petro, making it a sensible choice for payments. On the new role of the petro, Maduro stated:It will allow us new forms of international financing for the economic and social development of the country to advance on the issue of monetary sovereignty, for financial transactions, to overcome the financial blockade.
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