Venezuela’s living wage is tied to the digital state currency
Thus, the authorities intend to increase the level of salaries
06.03.2022 - 08:00
350
1 min
0
What’s new? Venezuela President Nicolas Maduro has announced an 18-fold increase in the minimum monthly wage. Venezuelans are now paid around 126 bolivars ($28) and half their wages are pegged to the state cryptocurrency, petro. Maduro has instructed Vice President Delcy Rodriguez to negotiate with the private sector so that the workers will see a wage increase this month. The President of Venezuela stated:
“You proposed to set the workers’ basic minimum wage to half a petro, approved! And that pushes all salary tables upwards.”
What preceded it? Venezuela has experienced seven years of economic recession and hyperinflation. Last year, following Maduro’s decision to unofficially switch the economy to dollars, the country gained some economic stability. It has also managed to reduce the budget deficit by partially containing the salaries of civil servants.
Useful material?
Telegram 
Twitter Market
Tether Finance division will be responsible for the issuance and redemption of USDT stablecoins
Apr 18, 2024
Trends
The first project introduced on the platform will be BounceBit (BB)
Apr 18, 2024
Business
The rate exchange of the native ACH token reacted with a 10% increase
Apr 18, 2024
Market
Miners are hunting for the first block after halving as the value of the first satoshi could exceed $1 million
Apr 18, 2024
Market
The platform will be non-custodial and accessible to everyone
Apr 15, 2024
Market
China Asset Management, Harvest Global Investments, and Bosera Asset Management have received permits
Apr 15, 2024
Cryptocurrency rates
-
Bitcoin
$64 627
BTC
+0.53%
-
Ethereum
$3 167.41
ETH
+0.67%
-
BNB Smart Chain
$613.11
BSC
+0.93%
-
Ripple
$0.528655
XRP
-0.46%
-
Dogecoin
$0.152619
DOGE
-0.25%
-
Cardano
$0.475323
ADA
-0.61%
-
Bitcoin Cash
$481.23
BCH
-0.39%
-
Polkadot
$6.92
DOT
-1.19%
-
Litecoin
$84.34
LTC
+0.12%
-
Stellar XLM
$0.114612
XLM
-0.42%