Venezuela Converts Pension Bonuses into State-Issued Crypto Petro

Venezuela has automatically converted pensioners’ most recent monthly bonus into its national oil-backed cryptocurrency, the Petro (PTR), according to a report from English-language politics blog Caracas Chronicles Dec. 12. First launched as a pre-sale in February, the controversial Petro has been in circulation as one of Venezuela’s two official currencies as of August 20: the second being a rebranded fiat currency, the Bolívar Soberano (Sovereign Bolivar, or Bs.S.), which is indexed to the Petro. According to Caracas Chronicles, pensioners’ recent government payouts Dec. 7 arrived initially in Bs.S. to pensioners’…

Russia’s Pension Fund Eyes Blockchain to Prevent Labor Abuse

Russia’s FIU pension fund will use blockchain technology to integrate all of its information into a distributed registry and will prepare proposals to integrate all systems into a single platform, according to Izvestia. The fund believes it will cut costs for servicing and storing significant amounts of data. The technology will also provide more transparency to labor relations agreements and help protect workers from having their rights violated by negligent employers, which experts have cited as a pervasive problem. Data to Move to Distributed Databases The FIU currently houses employers’…

Russian State Pension Fund to Use Blockchain for Employment Contracts

The Russian state pension fund (PFR), the country’s largest social service, has recently suggested implementing blockchain technology in labor relations, local news outlet Izvestiya reports Wednesday, August 29, citing the organization’s press center. The fund plans to introduce smart contracts to be used as employment contracts between employers and employees. Such agreements could be made in any of the numerous state units providing public services — the net that reportedly covers up to 97% Russia’s population. Officials told reporters that they hope blockchain technology as it would be used in…

Bank of Montreal, Teachers’ Pension Fund Trial Canadian Dollar Debt Deal via Blockchain

The Bank of Montreal and Ontario Teachers’ Pension Plan have tested a Canadian-dollar debt deal using blockchain, Bloomberg reports August 15. In the pilot transaction, the bank is said to have sold $250 million Canadian dollars (around $190 million) of one-year floating rate deposit notes to the teachers’ pension fund, implementing blockchain tech to mirror the transaction. This is reportedly the first use of the technology for a Canadian dollar “fixed-income issue.” Bloomberg notes that the Bank of Montreal’s BMO Capital Markets unit has built a prototype blockchain-based settlement system,…