• Venezuela is conducting perhaps the first official government airdrop of a cryptocurrency

Venezuelan President Nicolas Maduro has announced that workers, retirees, and military personnel will be receiving 0.5 Petro each for Christmas. This may be the first official government airdrop of a cryptocurrency.

Currently 0.5 Petro is worth USD 30, and this is actually a significant amount of money in Venezuela, equivalent to 1.364 million Sovereign Bolivars. Hyperinflation has ravaged the country in recent years, so this airdrop has the potential to make a difference for Venezuelan families during the holiday season.

In order to be eligible for the airdrop Venezuelans will have to download the PetroApp. In theory, this should increase Petro adoption, since the PetroApp can be used to buy and sell Bitcoin, Litecoin, and Dash. Venezuelans who receive the airdrop can trade the 0.5 Petro for the equivalent of these major cryptocurrencies.

Although the Petro itself has had a controversial history, apparently 400 businesses now accept the digital asset, so it can be used as a currency to buy real goods and services.


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