Power suffering from hyperinflation of Venezuela announced increases to 60 times the minimum wage, which will soon be tied to “secure oil” national cryptocurrency El Petro. About it reports local Agency AVN.

Along with the increase of social standards, the authorities will also carry the denomination of Bolivar, in which the denomination of the bills will remove five zeros. The new national currency will be tied to El Petro and will be called “sovereign Bolivar”.

“I decided to implement a new minimum wage, tied to El Petro. So I fixed the minimum wage for all level 1,800 sovereign bolivars or 0.5 Petro”, — said the President of the country Nicolas Maduro.

He also announced an increase in VAT from 12% to 16%.

Note that in June the minimum wage in Venezuela was set at 3 million bolivars. For comparison, the United States dollar on the black market currently accounts for about 6 million bolivars.

According to the controlled opposition of the Finance Committee of the National Assembly, in July, inflation in Venezuela on an annual basis amounted to almost 83 000%. According to the International monetary Fund, inflation in the country may reach to the end of the year 1 000 000%. While official data on the growth of prices in the country are not published for several years.

It is also worth noting that against the background of monetary reform in Venezuela there has been a sharp increase in demand for bitcoin, for purchase which is actively used p2p platform LocalBitcoins.

Data: CoinDance

Recall the running processes of denomination, changes to the system of wages and prices, and bind the new Venezuelan Bolivar to El Petro is scheduled for August 20.

According to Maduro, this package of measures will allow to overcome the economic crisis and hyperinflation “will significantly improve the position of workers” and would lay the foundations for socio-economic prosperity of the country.