Petro was launched in 2018, and it’s considered to be the first cryptocurrency that was supported by a state – Venezuela. It’s a national cryptocurrency equal to the country’s fiat currency, bolivar.
Petro is a stablecoin, which means that it’s pegged to an asset. In case of this cryptocurrency, that asset is mostly oil, 50% to be precise. The rest is gold, diamonds, and iron.
The government created the cryptocurrency while Venezuela was struggling with the financial crisis. In fact, the rough economic situation lasted for several years and included hyperinflation, devaluation of the national currency, and plunging oil prices.
The Venezuelan government hopes that Petro can resolve and mitigate these issues. Moreover, the cryptocurrency is a way to avoid sanctions imposed by the U.S. government. And finally, the government sees Petro becoming an international currency of exchange in the oil industry.
At the moment, the cryptocurrency can be used for different purposes such as purchasing goods and services, tax payment, and payment of salaries.
President of Venezuela announced Petro’s airdrop
Ever since launching Petro, the government has been trying to push the cryptocurrency for nationwide adoption. For example, in the summer, Maduro ordered the bank of Venezuela to accept Petro’s tokens and make it available for customers.
And in addition, the government has decided to conduct a crypto airdrop in order to encourage citizens to switch to Petro. This type of nationwide airdrop was first tried by Auroracoin, and failed miserably.
According to the announcement, workers from the public sector, retirees, and members of the military will receive Petro tokens this Christmas. The airdrop is worth 0.5 Petro, which is estimated to be around $30.
To receive tokens, citizens have to sign up to PetroApp, which is the only crypto wallet that supports the cryptocurrency.
The already mentioned announcement states that around 500,000 Petros would be paid out from the state’s supply to support local governments.
We’ve already noticed several new websites popping up, asking for sign-ups for this airdrop. None of them seem like they are the official sites by Venezuela government. So be aware of fake airdrops surrounding this news are happening and more will come!
This airdrop will only be for Venezuelans, who struggle with hyperinflation with their own currency. It will be promoted through government channels, so don’t fall for any scammers who tell you otherwise.
We’re delighted to see a country is utilizing the power of airdrops. Not as a marketing tool, but as a way to bring their people into cryptocurrency.
Despite government support, Petro didn’t manage to bring organic growth to the Venezuelan economy. Moreover, only a small number of businesses accept Petro as a payment.
Hopefully, this airdrop will attract citizens of Venezuela to use Petro, and encourage businesses to integrate it as payment method.
Even though Venezuela’s airdrop is only for Venezuelans, there are plenty of giveaways you can join today. Have you seen there is over $ 1 Million in airdrops & bounties available before Christmas?
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