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Maduro Plans to Give Venezuelan Pensioners Petro as Christmas Bonus - Bitcoin News
Regional news outlets from Venezuela have revealed that President Nicolás Maduro plans to dole out petro as a 'Christmas bonus' for Venezuelan retirees and pensioners. Moreover, despite the fact that many Venezuelans say average citizens don't use the petro, Maduro also claims there are 27,000 petro affiliated businesses.
Venezuelan Pensioners' Christmas Bonuses to Be Paid in Petro
The Venezuelan President and the leader of the United Socialist Party Nicolás Maduro has revealed that the government plans to give Venezuelan retirees and pensioners the gift of petro this Christmas. The petro (PTR) is the first cryptocurrency launched by a nation state and the digital asset has been controversial since it was announced. Many skeptics believe the petro is only used by government officials and their friends to skip international sanctions initiated by the U.S.
United Socialist Party leader and Venezuelan President, Nicolás Maduro.
Moreover, numerous sources have explained to news.Bitcoin.com that the PTR is only used for "promotional" purposes. "Nobody uses the petro and only people close with government use it to skip out on U.S. sanctions," our newsdesk was told in September. Now, this holiday season, Maduro plans to give petro to retirees and pensioners as a gift. On November 17 the local news outlet Venepress tweeted:
EnDesarrollo Maduro announced a 'Christmas bonus' for retirees and pensioners of petro (at today's price would be Bs. 897,317.27) 17Nov.
This year's Christmas bonus of petro for pensioners follows last December's monthly bonus that was allegedly converted to PTR. According to Caracas Chronicles, the pensioners' accounts were converted to petro without their consent. Both "Elderly Love Pensions" (Christmas bonus 2018) and traditional savings pensions were purportedly exchanged that month while Maduro pushed the crypto internationally. In December 2018, news.Bitcoin.com reported on how Maduro tried to persuade the Russian government to use the petro while visiting Moscow. The United Socialist Party leader attempted to trade petro to repay debt to Belarus and he also pitched the PTR to OPEC members that month.
On November 6, 2019, Sunacrip Press reported: "The President of the Republic, Nicolás Maduro, signed the decree that regulates the Accounting Registry in Cryptoactive, a legal instrument to regulate accounting in Petros." "Petro becomes a legal accounting record for the entire national economy, to clean up the economy," Maduro declared during the government-sponsored ceremony.
'27,000 Petro Affiliated Businesses'
In addition to the news that Maduro is paying retirees and pensioners with petro, he claimed during a government-sponsored program that the crypto has "27,000 affiliated businesses." Maduro also explained at the program his bonus plan for pensioners and that he expected merchant adoption to "double in the coming months." Meanwhile, news.Bitcoin.com was told by local sources that the PoS systems used at affiliate stores only accept cryptos like LTC, BTC, and BNB. Various reports also detail that Venezuela's central bank has indicated plans to stockpile BTC and other digital assets. Last February Pedro Peroza wrote a number of informative articles concerning the National Superintendency of Crypto Assets and Related Activities (Sunacrip) operations. Peroza said he believes Maduro's regime has been stockpiling digital currencies via the "collection of taxes in cryptocurrency, for that a Law was approved in the ANC (National Assembly Madurista)."
Sunacrip Press reports that the 'Savings Plan' in petro celebrated its first year of operation with more than 3 million savings accounts. "A year ago I invited you to save in petros and look how well they did, today I call on all businesses, all entrepreneurs, to join, to look for this new path, and begin to travel the petro's path, so they can see that they are going to do much better," President Maduro wrote according to Sunacrip Press on November 6, 2019.
During Maduro's recent speech, the president told attendees that cryptocurrencies and the petro will help Venezuelans battle against the "economic war." "We have achieved the slowdown of the economic war through the self-regulation of the economy," Maduro explained to the program guests. "With this self-regulation of the economy, other actors have begun to operate with their own currencies."
Joselit Ramirez, Venezuela's Superintendent of Cryptoassets.
Despite Maduro telling the crowd there are 27,000 affiliated petro businesses, reports last year stemming from Reuters tell a different story. The news outlet scoured multiple regions and chatted with a "dozen experts on cryptocurrencies" and no one found any signs of petro use. "The hunt turned up little evidence of a thriving petro trade," the special report noted. "The coin is not sold on any major cryptocurrency exchange — No shops are known to accept it."
Maduro's 27,000 merchants claim also follows the statements from Joselit Ramirez, the country's Superintendent of Cryptoassets, who said retail acceptance is rising due to the new PTR payment gateway called Petropago. However, Ramirez told attendees at the Carabobo Crypto Convention that there are only 93 petro accepting merchants in Venezuela.
What do you think about Maduro paying Venezuelan retirees and pensioners the gift of petro this Christmas? What do you think about the Venezuelan President's claim that there are 27,000 petro-affiliated businesses? Let us know what you think about this subject in the comments section below.
You can now purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH directly from our trusted seller and, if you need a Bitcoin wallet to securely store it, you can download one from us here.
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Jamie Redman
Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.
Since launching in January, Sideshift.ai has become a well known cryptocurrency application that allows people to swap 20+ cryptocurrencies in an automated manner. When Sideshift first launched, users needed an access code to use the service, but on November 20 the team removed access codes and the platform's affiliate program has fully activated.
For almost a year now, Sideshift.ai has offered an automated cryptocurrency swapping service that allows people to trade specific digital assets at a rapid pace. Users leveraging the Sideshift platform can swap coins like BCH, BTC, BNB, DASH, DOGE, SAI, SPICE, USDT, USDH, XMR, L-BCH, L-BTC, and LTC. The platform was launched by software engineer Andreas Brekken when he was helping develop Drivechain extension applications with Paul Sztorc. Brekken is also the chief executive officer of the review site Shitcoin.com and the infamous coder who once held the most BTC ($220,000) on the Lightning Network last year. Since then, Sideshift has grown mature and offers a variety of decentralized assets and stablecoins. When Sideshift first launched, an access code was required to use the service and could be acquired in a number of ways. But now anyone can use Sideshift without needing an access code and the platform's affiliate program is now open to the public.
"The Sideshift AI Affiliate Program is fully activated. Earn a cut of fees when a user visits your referral link — Access granted," Sideshift tweeted on Wednesday.
Developer Andreas Brekken (right) designed the Sideshift.ai application. Brekken is also known for his review website Shitcoin.com.
Unfortunately, not everyone can use Sideshift as the platform is restricted in the U.S., North Korea (DPRK), Iran, Belarus, Iraq, Yemen, Zimbabwe, and 12 more countries. In order to bolster the Sideshift AI Affiliate Program, the team has created a token called SAI which helps pay for affiliate rewards. Essentially there are 210 million SAI and Sideshift explains that no more coins will be minted. An interesting fact about SAI is the token is stored using Ethereum's ERC20 standard, the Simple Ledger Protocol, and Blockstream's Liquid sidechain at the same time. SAI can be traded on the Sideshift network but the tokens are also listed on the cryptocurrency exchange Coinex. "The goal of Sideshift AI is to increase the usefulness of SAI token when interacting with Sideshift AI services as well as external vendors," the Sideshift website details.
The Sideshift.ai platform.
Automated Rapid Swaps and Memes
Besides paying rewards in SAI, the organization wants to incentivize Sideshift traders as well with SAI. The team will also use the tokens for rebates and paying Sideshift employees, contractors, service providers, and partners. Sideshift's shift history shows a list of all the swaps that take place on the platform. However, with privacy coins like monero (XMR), users "will not be able to view shifts on any block explorer with privacy coins," the website highlights. Sideshift's platform also works with the Lightning Network (LN), and with BTC and LN support on Sideshift, users "can shift to any coin in less than 5 seconds." The Sideshift developers say that the LN integrated Sideshift node helps with research, increased connectivity, feedback, and the overall expansion of LN. For now, Sideshift recommends users who want to leverage the LN features use wallets like Eclair, Bluewallet, and Wallet of Satoshi.
Bitcoin.com Wallet users can access Sideshift to swap BTC for BCH or vice versa using the service inside the wallet.
For some time now Sideshift has also been supported by the Bitcoin.com Wallet, a noncustodial lite client that just recently surpassed 5 million wallets created. Bitcoin.com Wallet users can swap BTC for BCH or vice versa using the Sideshift platform within the wallet interface. Last August, Sideshift was also on the hunt for a "Meme Lord/Specialist" with the ability to produce "spectacular memes." Sideshift's Meme Lord job application on Indeed.com said: "Sideshift requires 6+ months of meme experience and a strong interest in cryptocurrencies and crypto culture." Sideshift's recent announcement in regard to dropping the access code was welcomed on crypto Reddit forums and one user was quite surprised the swapping service even existed. "Wait is Sideshift like what Shapeshift used to be? Can anyone vouch for the legitimacy of this service?" one Redditor asked. "It's legit," another user replied. "They have been in a semi-closed beta till now."
What do you think about the Sideshift.ai platform? What's your favorite cryptocurrency swapping service? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Sideshift.ai, Shitcoin.com, Bitcoin.com Wallet, and Pixabay.
You can now purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH directly from our trusted seller and, if you need a Bitcoin wallet to securely store it, you can download one from us here.
Share this story:
Tags in this story
Jamie Redman
Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.
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