Venezuela: The Monetary Reconversion Will Tie the Bolivar to Cryptocurrency Petro

Venezuela President Nicolas Maduro said in a televised broadcast on Wednesday, that Venezuela will remove five zeroes from the bolivar currency rather than three zeroes as originally planned, in an effort to keep up with inflation projected to reach 1 million percent this year. What’s more, he said the overhaul would tie the bolivar to the recently launched state-backed crypto-currency “Petro”, without offering details. While crypto-currency experts have said the petro suffers from a lack of credibility because of a lack of confidence in Maduro’s government and the mismanagement of the country’s existing national currency. (Russian)

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