---
title: "Here’s Why Venezuela Is Giving Retirees Free Altcoins"
description: "Venezuelan President Nicolas Maduro plans to give a whole bunch of citizens some free crypto in the form of the state-backed petro. The offer, a little nationalized Christmas bonus and/or push to get people to use petro at all, is available to public employees, retirees, and the military, according to CoinDesk. With other […]"
date: "2019-12-16"
modified: "2019-12-27"
authors:
  - name: "Dan Robitzski"
    link: "https://futurism.com/authors/danrobitzski"
url: "https://futurism.com/the-byte/venezuelan-get-free-crypto"
categories:
  - "Blockchain"
  - "Cryptocurrency"
  - "Future Society"
tags:
  - "crypto"
  - "financial"
  - "the digest"
  - "venezuela"
---

# Here’s Why Venezuela Is Giving Retirees Free Altcoins

![The Venezuelan government is now paying people to start using its official altcoin by airdropping crypto to public employees, retirees, and the military.](<https://futurism.com/wp-content/uploads/2019/12/venezuelan-maduro-altcoin-government.jpg>)
*\<em\>Image: Victor Tangermann\</em\>*

## Merry Christmas!

Venezuelan President Nicolas Maduro plans to give a whole bunch of citizens some free crypto, in the form of the [state-backed "petro" altcoin](<https://futurism.com/venezuela-cryptocurrency-petro-blockchain>).

The offer could be read as a nationalized holiday bonus, or a push to get people to use the country's official altcoin at all. It's available to public employees, retirees, and the military, [according to *CoinDesk,*](<https://www.coindesk.com/venezuelas-maduro-says-he-will-airdrop-half-a-petro-each-to-nations-civilians>) and with other attempts to drive its usage falling flat, handing it out seems to be Maduro's best bet.

## Trying Everything

Maduro and the Venezuelan government have been trying all sorts of ploys to get people interested in petro, *CoinDesk* reports. That ranges from using it to fund public housing to making it available through the Bank of Venezuela and [developing new platforms](<https://futurism.com/the-byte/venezuela-state-cryptocurrency>) that let Venezuelans send it back home while working abroad.

But only about 400 Venezuelan businesses even accept the altcoin, [according to a government release](<https://www.sunacrip.gob.ve/noticia-20.html>). Given that nation-wide reluctance to transition to crypto, Maduro's planned petro airdrop may be the best way to actually incentivize the country to accept it.

## Big Payday

Everyone who's eligible needs to sign up for PetroApp, the state-backed crypto wallet, this week. Then the government will distribute half a petro to each person.

That's worth about $30 — but given that the nation's [monthly minimum wage](<https://www.bloomberg.com/news/articles/2019-10-14/venezuela-s-maduro-hikes-minimum-wage-again-this-time-by-275>) is less than a third of that, the petro giveaway is likely more than enough to finally draw people in.

**READ MORE:** [Venezuela’s Maduro Says He Will Airdrop Half a Petro Each to Public Employees, Retirees](<https://www.coindesk.com/venezuelas-maduro-says-he-will-airdrop-half-a-petro-each-to-nations-civilians>) \[*CoinDesk*\]

**More on the petro:** *[Trump’s Shady Ban of Venezuela’s Shady Cryptocurrency, the Petro: Pretty Shady](<https://futurism.com/trump-bans-petro-cryptocurrency>)*

## Author
Dan Robitzki is a senior reporter for Futurism, where he likes to cover AI, tech ethics, and medicine. He spends his extra time fencing and streaming games from Los Angeles, California.

### Author social links  
[Twitter](<https://x.com/danrobitzski>)