The Venezuelan government is giving a unit of national cryptocurrency to each of its doctors as a gesture of thanks for their efforts to contain the coronavirus
It is said that every crisis leads to an opportunity. The Venezuelan government, which is giving every doctor in the country a Petro, appears determined to leverage the global commotion of the coronavirus to increase the use of its national cryptocurrency across the country.
Yesterday the government announced through its social media the bonus for Venezuelan doctors as a gesture of gratitude for the work done to fight the coronavirus.
A Petro’s special “Homeland doctors” bonus will be distributed to Venezuelan doctors through the “Homeland System”. The government created the platform to help deal with the population’s socioeconomic conditions and distribute bonuses and subsidies, without resorting to the traditional banking system.
The long-standing – and widely criticized – practice of Nicolás Maduro’s government of donating bonuses and distributing money to the population has been imitated by several countries on the continent. In addition to the United States, countries like Brazil, Chile, Argentina, Peru, Colombia and Ecuador have adopted policies similar to those of Maduro.
In addition to this special bonus for doctors, Maduro previously approved benefits for Venezuelans who were unable to work due to quarantine. The government distributed the “Stay at Home” and “Discipline and Solidarity” bonuses in late March, although at the time they used fiat currency instead of cryptocurrency.
1 Petro is equal to …?
It is difficult to say what effect the disbursement to doctors will have on them or on the price of Petro. Despite being sold as a stablecoin, Petro is an especially unstable currency.
According to official government figures, 1 Petro is worth US $ 58.93 (US dollar). However, in the secondary market, the token is worth much less. In Antwerp – the most popular exchange among Venezuelan Petros traders – the bond could be redeemed for about 0.0026 BTC (about $ 18); at Localbitcoins, it is worth about 0.0038 BTC.
Petro has not yet managed to position itself as the widely accepted national currency that the Maduro government intended. Testing of blockchain integration into banking infrastructure has been suspended until further notice.
Perhaps some doctors will keep your Petro in the hope that one day it will be more valuable. Meanwhile, they have their hands full to fight a contagious disease in a country especially ill-equipped to deal with the pandemic.