Venezuelan authorities plan next month to replace the Bolivar to the new national currency, which will be linked to the digital currency of the country petro.
On Wednesday President Nicolas Maduro (Nicolas Maduro) has announced that the bolívar soberano (sovereign Bolivar) will be bound to support the oil-token petro, launched in February. According to Maduro, the new Bolivar will be five zeros less than its predecessor.
The government hopes in this way to contain inflation, which this year could reach a million percent. The local edition of teleSUR quoted the President as saying:
“Economic restructuring will begin August 20 and will lead to the final transition to the new sovereign Bolivar, which should contribute to strengthening Petro”.
Maduro said that the new currency will change the financial situation of the country “radically”, and petro ultimately “will be consolidated technologically and financially, and will occupy a prominent place in national and international economic activities.”
Despite the fact that the Congress-led opposition, even before start declared token “illegal”, petro is being promoted in the financial activities of the country with the active assistance of the President. So, in February, Maduro addressed the country’s banks with a request for mine and use petro and ordered some state companies to convert a percentage of the profits in tokens.
Recall that according to the original plan tokens petro was supposed to help Venezuela to circumvent financial sanctions imposed against the country by the US government. However, in March, the President of the United States Donald trump (Donald Trump) has signed a government decree on new sanctions against Venezuela against petro.
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