In the midst of its worst ever financial crisis, the government of Venezuela has announced that it will be anchoring the country’s “minimum wage bracket” to the value of its national cryptocurrency, the Petro.
While the mainstream media has largely ignored the ongoing crisis taking place within the South-American nation, Venezuela is currently under the grip of severe hyperinflation that has forced the country’s President, Nicolas Maduro, to devalue Venezuela’s national currency, the Bolivar, by over 95%.
During a nationally televised address last evening, Maduro said:
“On the subject of gas prices, we will be providing merchants with direct subsidy via a special card that all citizens with cars should have.”
He then went on to add that:
“Anchoring the minimum wage to the value of the Petro will give stability to the acquisitive power of the people and will also bring stability to the sale of goods.”
As soon as Maduro made this latest announcement, the masses seemed to be instantly polarized as to how this decision will impact the nation’s economy.
However, it is worth noting that previously, the average monthly wage of a regular Venezuelan was a meager $1 (per month) but with this latest system, it is expected that the minimum wage will climb up to a more respectable $30.