RATE Group | Venezuela Tying The Bolivar To Its National Cryptocurrency
36628
wp-singular,post-template-default,single,single-post,postid-36628,single-format-standard,wp-theme-bridge,wp-child-theme-bridge-child,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Venezuela Tying The Bolivar To Its National Cryptocurrency

27 Jul Venezuela Tying The Bolivar To Its National Cryptocurrency

Posted at 02:13h in Cryptocurrency News by

[ad_1]

In the midst of runaway inflation, Venezuela will print new money, removing five zeroes from the denominations, and tie its national currency to the recently created petro.

According to the International Monetary Fund, the Venezuelan inflation rate was 46 thousand percent last month and, if it continues on the path it’s on, could exceed 1 million percent by the end of the year.

The Venezuelan government announced an initiative to address hyperinflation. The Economic Prosperity Recovery Program is set to begin August 20.

To accommodate the skyrocketing amount of cash necessary to make purchases, the government will issue new paper money with five fewer zeroes than the existing bills. President Maduro also signed a decree to remove taxes and duties on imports of raw goods.

Without giving much detail, Maduro claimed the economic plan will also tie the Venezuelan bolivar to the county’s recently created cryptocurrency, the petro.

The petro, in turn, is tied to the value of oil. One petro…

[ad_2]

Source link