Venezuelan President Nicolas Maduro announced that they will distribute Petro to doctors in the country as part of the fight against the coronavirus outbreak. While this cryptocurrency is worth $ 60, according to the government, it trades in the free market between $ 20 and $ 26. Some may find it less than $ 20 and make fun of it. However, relatively, Venezuela’s Petro airdrop may be more important and efficient than the US economic stimulus package.
First of all, the minimum wage in Venezuela is $ 3.61 a month; In addition, the total wage is worth $ 6.92 with food aids of $ 2.91. Doctors in the country earn a little more than that. Therefore, while a Petro aidrop is equivalent to several months’ wages, the incentive aids of $ 1,200 per individual in the United States are not enough to allow them to survive a month for the majority of US people.
In addition, Petro will be instantly sent to doctors through the Patria System, a platform created to bypass the country’s failed banking system and offer direct subsidies and bonuses to citizens. This system uses blockchain technology, so airdrops will be delivered instantly.
If we compare this with the economic incentive package in the United States; Few people in the U.S. (if they declare tax and have tax identification numbers registered with the U.S. Revenue Administration) will receive their incentives in a few weeks. The government can send 5 million checks per week, so sending all incentives can take up to 20 weeks, according to some estimates.
Therefore, a Petro worth $ 20-26 seems like a joke considering the size of the Coronamirus pandemic, but it is actually a better incentive plan than the US plan in terms of both efficiency and value.