An Airdrop for Doctors

Venezuelan President Nicolas Maduro has announced a campaign to support the country’s medical staff in the context of the coronavirus pandemic using the airdrop of the Petro — state digital currency.

As part of this initiative, every Venezuelan doctor will receive one Petro token. Tokens will be distributed using the Venezuelan Patria System platform, which was created by the government as an alternative to the country’s banking system to issue bonuses and subsidies to Petro.

The cost of the token is tied to the price of one barrel of Venezuelan oil. After falling to 18-year lows in March, the price of oil rebounded and is now trading at about $27 per barrel.

Officially, Petro costs about $60, however, according to Cointelegraph, Venezuelans sell tokens on popular trading platforms at prices ranging from $20 to $26.

With a Venezuelan minimum monthly wage of $3.61 (plus $2.89 in the form of food stamps), the cost of one Petro can be several months of a doctor’s work.

Author: Marko Vidrih

Featured image credit: cryptoadventure.org