Venezuela’s President Nicolas Maduro has announced that social benefits would be calculated based on state-owned oil-backed digital coin, the petro, as the sanctions-hit country is facing severe economic crisis and hyperinflation. “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, [rebalance] them with the petro [cryptocurrency],” Maduro said, speaking in Caracas on Saturday. The move is meant to “protect” the real value of those payments, according to the president.
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