Faced with the unstoppable collapse of the bolívar, the
Venezuelan regime announced new measures to counteract inflation and the fall
of the currency, announcing a new “Digital Bolívar”, which will have a parity
of 6 zeros less than the “Sovereign Bolívar” that currently governs in the
country.
The bolivar, once a head currency in Latin America, has been
totally devastated since the arrival of "21st century socialism" in
Venezuela. Now, in another attempt to continue maintaining an increasingly
battered economy, the Central Bank of Venezuela announced a new monetary cone
that would lead to the creation of the "digital Bolivar" and the
elimination of 6 zeros from the currency.
“As of October 1, 2021, the digital bolivar will come into
effect, by applying a monetary scale that removes six (6) zeros from the
national currency. In other words, all monetary amounts and everything
expressed in national currency will be divided by one million (1,000,000),
”says a statement from the Central Bank.
Since the arrival of Chavismo to power, Venezuela has
undergone three currency reconversions. The first in 2008 with Hugo Chávez, on
that occasion he removed 3 zeros from the currency and was renamed
"Bolívar fuerte", which had nothing strong.
With the arrival of Maduro, Venezuela had two more currency
reconversions, the first in 2018, when it removed 5 zeros from the currency and
was renamed "sovereign Bolívar", which once again had nothing as
sovereign, since it was based on the investments of China, Iran and Russia in the
oil resources of Venezuela.
Now, in 2021, Venezuela will undergo a third reconversion,
this time removing 6 zeros from its currency and calling itself «digital
Bolívar». The Venezuelan Bolivar has had 14 zeros removed in less than 13
years.
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