Maduro Says Social Benefit Payments In Venezuela To Be Based On Cryptocurrency Value

MEXICO CITY (UrduPoint News / Sputnik - 02nd May, 2021) Venezuelan President Nicolas Maduro says the government has approved using the Petro cryptocurrency as the basis for calculating social benefit payments, in order to tackle inflation.

"I can announce today a proposal that I have approved ... which is to 'Petrolize' the social benefits of public workers of the central, the decentralized administration and of the state public companies," Maduro said on Saturday, during a televised speech dedicated to International Worker's Day.

Maduro emphasized that the measure aims to protect social benefits from inflation and also proposed that pensions be calculated based on the Petro, the value of which depends on the cost of oil, gold, iron and diamonds.

As part of attempts to oust Maduro, the US and other western countries that have endorsed Venezuelan opposition leader Juan Guaido have slapped crippling sanctions on Venezuela and have frozen its assets abroad. Last year, inflation in Venezuela amounted to 2,959.8 percent.