Venezuela Devalues Bolivar by 95%, Pegs it to ‘Petro’ Cryptocurrency

[kreslik.news]

TheVenezuelan government has taken on a number of desperate, unorthodox initiatives to save its economy from total collapse. In the most significant move, the government has devalued the country’s national currency, the Bolivar, and pegged it to the Petro.

The Petro is an oil-backed cryptocurrency created by the Venezuelan government earlier this year, although serious suspicions have been raised regarding its legitimacy.

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The Introduction of the “Sovereign Bolivar”; A 3000 Percent Increase to the Minimum Wage

The new, pegged currency will be known as the “sovereign bolivar,” according to a report ... (read more)