Venezuela's monthly minimum wage drops to $ 2, some see petrol coins as the culprit

Last month, Venezuela's monthly minimum wage was reduced from $ 6 to $ 2, and some people regarded petroleum coins as the culprit. From December 18 to 27, Venezuelan President Maduro airdropped about $ 30 of petroleum coins to each of the citizens of the department. President of the National Cryptocurrency Association José Ángel Álvarez said that petroleum coins are not stored in the residents' crypto wallets, but are centrally granted through the homeland system, making it difficult to trade and use petroleum coins. The main way residents use petrol coins is to buy household goods and food at stores that use the central bank's payment system, BioPago. And while buying items with Petro, BioPago can provide merchants with the same amount of Bolivar. According to economic expert Henkel García, merchants subsequently converted petroleum coins into dollars, which reduced the price of Bolivar.