Venezuela Currency Crisis. Venezuela had announced in August that it is revamping its national currency the bolivar and launching its central bank digital currency CBDC the digital bolivar on 1 October. Hyperinflation in Venezuela is the currency instability in Venezuela that began in 2016 during the countrys ongoing socioeconomic and political crisis.
Venezuela is engulfed in a political crisis with two rival politicians claiming to be the countrys legitimate leader. CARACAS Venezuela AP A new currency with six fewer zeros debuted Friday in Venezuela whose currency has been made nearly worthless by years of the worlds worst inflation. A foreign currency control that aimed to reduce inflation only increased it and allowed for massive corruption.
New Venezuelas Digital Bolivar Isnt Digital and It Wont Solve the Countrys Economic Crisis.
The exchange rate of the Petro cryptocurrency is fixed at 60 or 3600 redenominated bolivars. A new currency with six. CARACAS Venezuela AP A new currency with six fewer zeros debuted Friday in Venezuela whose currency has been made nearly worthless by years of the worlds worst inflation. Chavezs attempts at economic reform currency devaluation and price controls are ineffective.
