Venezuela has launched its national cryptocurrency, PTR, on the Dash network. It is regarded as a Central Bank Digital Currency issued by Venezuelan authorities for usage by Venezuelan residents.
The government recently announced that the minimum wage would be pegged to the CBDC-PTR. It would be pegged at a rate of 50%, based on a report by Bloomberg. The aim of PTR is to be used by the residents of Venezuela for their daily activities.
Nicolas Maduro, the Venezuelan President stated that there would be an increase in the monthly minimum wage in the country to $28, which is 126 Venezuelan bolivars. This will increase the minimum wage by eighteen times while pegging 50% to the CBDC, PTR.
Additional information about how this new minimum wage system would operate was unavailable at the time of writing.
PTR- Petro- is a CBDC because it was issued and is managed by the government. There is little to no information available on the CBDC because the explorer website, which was made public, is currently unavailable.
The CBDC can be purchased from the Venezuelan central bank and local exchanges by converting Bitcoin and Litecoin to PTR. The rate available at the central bank differs from the rate available at local exchanges.
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