{"id":41801,"date":"2021-05-03T17:37:46","date_gmt":"2021-05-03T14:37:46","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=41801"},"modified":"2025-08-30T20:24:08","modified_gmt":"2025-08-30T17:24:08","slug":"venezuela-shifts-subsidies-to-the-el-petro-digital-currency","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/venezuela-shifts-subsidies-to-the-el-petro-digital-currency\/","title":{"rendered":"Venezuela shifts subsidies to the El Petro digital currency"},"content":{"rendered":"<p>Venezuela&#8217;s President Nicol\u00e1s Maduro has ordered social payments to be made in the national digital currency El Petro, according to <a href=\"https:\/\/radiosputnik.ria.ru\/20210503\/1730959152.html\" target=\"_blank\" rel=\"noopener\">\u0441\u043e\u043e\u0431\u0449\u0430\u0435\u0442<\/a> RIA Novosti.<\/p>\n<p>The initiative is designed to shield subsidies from hyperinflation.<\/p>\n<blockquote>\n<p>&#8220;I have accepted the proposal that will serve financial and economic stability, to &#8216;petrolize&#8217; social payments for employees of the centralized, decentralized state administration and the public sector,&#8221; Maduro said.<\/p>\n<\/blockquote>\n<p>Earlier, the El Petro digital currency, allegedly backed by oil extracted in the country, appeared in early 2018.<\/p>\n<p>A number of Venezuelan enterprises have obliged to conduct deals in El Petro. Later, Nicol\u00e1s Maduro said that a new system of salaries and prices tied to the national digital currency would be in effect.<\/p>\n<p>The national digital coin is not in demand among the population. Retailers refuse to accept it as payment. Bitcoin&#8217;s popularity is growing in the country.<\/p>\n<p>According to LocalBitcoins, in 2020 Venezuelan citizens <a href=\"https:\/\/forklog.com\/en\/news\/localbitcoins-russia-venezuela-and-colombia-accounted-for-40-of-trades-in-2020\">ranked second in trading volume of the first cryptocurrency<\/a> on the p2p platform.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Facebook<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Venezuela&#8217;s President Nicol\u00e1s Maduro ordered social payments to be made in the national digital currency El Petro.<\/p>\n","protected":false},"author":1,"featured_media":41802,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1198,1239,1240],"class_list":["post-41801","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crypto-payments","tag-el-petro","tag-venezuela-cryptocurrency-market"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/41801","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=41801"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/41801\/revisions"}],"predecessor-version":[{"id":41803,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/41801\/revisions\/41803"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/41802"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=41801"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=41801"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=41801"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}