Report: Venezuela Is Forcibly Converting Pension Balances to the Petro

Venezuela has reportedly begun converting pensioners’ monthly payments into its controversial cryptocurrency, the petro.

According to the Caracas Chronicles, an English-language politics and economics blog based in the country, the government has recently been taking the bolivares (the country’s current fiat currency) paid to its elderly residents and automatically swapping them for petros.

Normally, a pensioner would receive their monthly sum in bolivares, shift the funds to a bank account, and withdraw the fiat from a local branch, the blog explained. However, the government apparently converted residents’ bolivars to petros after sending the funds.

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