A Venezuelan cryptocurrency is tied to the minimum wage

Venezuela’s national cryptocurrency operates on the DASH blockchain and has many characteristics of a CBDC.

Venezuela Cryptocurrency

According to a Bloomberg report on Friday, Venezuela announced that the country’s minimum wage would now be 50 percent pegged to the national Petro (PTR) cryptocurrency.

Venezuelan President Nicolas Maduro announced a new monthly minimum wage of 126 Venezuelan bolivars ($28). This equates to an 18-fold increase in the national minimum wage, which would be pegged to Petro, the government cryptocurrency, by 50%.

At the time of writing, the Venezuelan government had not responded to a request for additional information.

Petro is based on the DASH blockchain and is centered on government issuance, making it more akin to a Central Bank Digital Currency (CBDC) than a cryptocurrency.

Petro’s advertised block explorer is inaccessible, so little is known about it. While the Wayback internet archive shows something that appeared to be a block explorer in April 2020, the page has been blank since then.

In theory, PTR can be purchased with bitcoin and litecoin from the Venezuelan central bank or local exchanges, but the prices differ greatly between the central bank rate and the private exchange rate.

According to studies, most Venezuelans use PTR because of need rather than choice. Pension payments, for example, are made in PTR.
Due to Trump government sanctions, it is also prohibited for US residents to own or trade PTR.

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