Venezuela will AirDrop a government-backed Cryptocurrency called the Petro to all citizens eligible to receive it in the country.
According to media reports, President Nicolás Maduro announced that its government is preparing to give away 0.5 Petro to millions of its citizens living in the country.
Maduro is keen to help the country reduce its dependence on the US dollar and hopes the announcement will curry favour with voters in the all but bankrupt South American nation.
The government will be giving away the Petro which equates to roughly $30 to pensioners, everyday workers and even the military.
In order to receive the Petro, citizens will need to download an application called the Petro app and create an account on it.
￼The announcement comes a month after maduro told state run media that retirees and pensioners would receive a “Christmas bonus” in Petro.
Venezuela is currently experiencing economic difficulties due to sanctions being imposed by the west.
Government officials hope that the bold move will kick start the failing economy but many believe that with such rampant poverty and crime in the South American nation, an economic turnaround is very far off.
Venezuela or not alone in launching a government-backed Cryptocurrency.