NEWS Venezuela plans to create a crypto currency Central Bank

The national Assembly of Venezuela is preparing a reform of the country’s Constitution, which provides for the creation of a crypto-currency Central Bank. It will be “the Central Bank" with its functions in exchange, monetary and financial policy, and the Central Bank will be involved.

In Venezuela, from August 20, a new denominated currency will enter into circulation — the Sovereign Bolivar (Bolivar Soberano), tied to the national crypto currency Petro. On Monday, the country’s President Nicolas Maduro (Nicolás Maduro) said that the country will begin to operate a new system of wages and prices, also tied to Petro.

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Thanks for sharing!

We’ll see what is going to happen. I do like the fact that they have chosen cryptocurrencies as the solution, however, I disagree with the approach.

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The economy of Venezuela has neglected to an awesome degree. Notwithstanding having the biggest petroleum holder of the world, their President had fizzled the country with a couple of thousand percent of expansion rate. That is the motivation behind why it is looking for alternatives to get a strong ground.