As Venezuela tackles the problem of hyperinflation, the president, Nicolas Maduro, is arranging for the nation’s currency to be redenominated next month. Maduro states that the new bolivar will come out on the 20th of August and will be tied to the nation’s oil-backed cryptocurrency the petro.
Sputnik reports
Venezuela’s President Nicolas Maduro said Wednesday he had ordered for the ailing national currency to be redenominated next month amid hyperinflation.
“The new bolivar will be issued on August 20 and will be tied to the petro [cryptocurrency]… We will also knock five zeros off the bolivar,” Maduro said on national television.
Previously, President Nicolas Maduro announced the denomination of Bolivar set for June 4, as a difficult economic situation in Venezuela resulted in rapid inflation. It was at first planned to cut only three zeros from current bolivar.
Venezuela launched the Petro cryptocurrency to sustain its crippled economy and severely depreciated bolivar after being hit by US sanctions. The newly-introduced cryptocurrency was also hit with the US sanction
As part of its scheme to destabilize Venezuela in a bid for regime change in the oil rich Latin American country, the US has been hitting Venezuela with round after round of sanctions, which have included the cryptocurrency, the petro, which was developed to tackle the inflation issue, as well as to provide a means for trading oil that might actually help the country trade in a way that would be viable against adverse American foreign policy and sanctions.
The post Maduro announces new crypto currency appeared first on The Duran.