According to the statement of Venezuelan President Nicolas Maduro (Nicolas Maduro), as of 20 August in the country will be the denomination of the national currency, the Bolivar. Apart from the fact that banknotes are removed five zeros instead of the planned three, the new Bolivar is tied to running in February of this year, the national cryptocurrency of Petro.
«The new Bolivar will appear on August 20. It will be a completely new currency, as it will be tied to Petro,» said the President in a live state television, presenting to the public samples of the new coins and banknotes.
According to crypto experts, Peter suffers from a lack of confidence for lack of confidence in the rule of Maduro and mismanagement of the existing national currency of the country.
The government has stated that it is a victim of «economic war» led by opposition leaders and supported by Washington, which last year imposed a number of sanctions against the government of Maduro and a group of senior officials.
Maduro announced the creation of a national cryptocurrency El Petro in December last year. The Venezuelan national cryptocurrency was created in the first place in order to carry out financial transactions to bypass us sanctions and to find new ways of funding. According to Maduro, Peter is the first cryptocurrency-backed stocks of natural resources – gold, oil and diamonds.