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Venezuelan President Nicolas Maduro (Nicolas Maduro) said that the reference to Bolivar Petro will increase the minimum wage 60 times to $30, 1800 sovereign bolivars or 0.5 Petro.

As previously reported, the new system of wages and prices, linked to the national cryptocurrency Petro, will come into effect on 20 August. Since that date, the exchange rate PTR is officially set at $60 according to the cost of a barrel of oil in the international market.

Petro one will cost 3600 sovereign bolivars (in the current currency – 360 million).

Currently the minimum wage in Venezuela is a sovereign bolivars 30 – 60 times less than under the new system.

In a situation of rapid inflation, the level of which, according to experts, by the end of the year will reach 1 000 000%, the bolívar fuerte is one of the most rapidly depreciating national currencies in the world.

New bolívar soberano will be “anchored” in a Petro – state bitcoin Venezuela, Maduro first announced in December 2017.

Source