Venezuela’s previous currency, the bolívar, has fallen victim to massive inflation problems. While the numbers vary widely, Google’s currency converter estimates 1 US dollar is equal to 25,000 bolívar.
Government officials are hoping this will help boost the economy and help deal with sanctions the US government has put on the country.
The plan has some opponents within the Venezuelan government.
“This isn’t a cryptocurrency, this is a forward sale of Venezuelan oil,” said Jorge Millán, a Venezuelan legislator. “It is tailor-made for corruption.”
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