Venezuela To Invalidate 100 Bolivar Banknote In The Next 72 Hours
This plan by the Venezuelan government is a bold one, that will ultimately not entirely work as intended. The financial situation in Venezuela continues to go from bad to worse. Just last week, the government announced a new 20,000 bolivar bill to reduce the existing bank note supply. A new law will replace the current highest-denomination banknotes with coins in the following 72 hours. A similar strategy has been employed in India, which has not worked out at all. Replacing existing banknotes with coins seems like taking four steps backward. For the Venezuelan government, the decision....
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Venezuela’s national currency Bolivar Fuerte is rapidly losing value amidst hyperinflation. The official FX value of the Venezuelan bolivar is $1 to 9.95 VEF but in actuality, in the country’s black market, local residents are paying around 5,000 VEF for $1. To avoid the devaluation of bolivar and acquire necessary daily goods, Venezuelans have started to rely on Bitcoin to finance their expenditures. By local exchange rates, 100 bolivar is equivalent to $0.02. The country’s highest denomination banknote was 100 bolivar, but the government demonetized it earlier this week. As a result, the....
The Central Bank Of Venezuela applied the announced redenomination plan for the national fiat currency, the bolivar on October 1. This redenomination implied slashing six zeroes from the currency, to make payments and currency handling easier, according to earlier statements. However, just hours after applying this measure, the bolivar lost more than 20% of its value against the U.S. dollar.
Venezuela Slashes Six Zeroes From Its Currency
The Central Bank of Venezuela, the institution that dictates the monetary policy of the country, has applied a redenomination of its fiat....
Venezuela has announced the sudden withdrawal of its highest-value banknote, replacing it with coins ahead of a sudden major currency restructure. President to Mafia: ‘Stay Outside With Your Scam’. The country’s bolivar fuerte, introduced in 2008 and since almost crushed under inflation, currently comes in denominations of up to 100 units. The 100 bolivar note, worth around $0.02 USD on the black market, will be removed Wednesday, as Venezuelans have just 10 days to hand them in at banks. New denominations will arrive later on, first a 500 bolivar note, followed by notes worth up to 20,000....
So far, three Bitcoin exchanges have established themselves in Venezuela. SurBitcoin is by far the biggest, whereas Yabit and Cryptobuyer are relatively new on the scene. Bitcoin remains one of the most popular commodities in all of Venezuela. The country is plagued by hyperinflation, and consumers have very restricted access to financial assets. Bitcoin provides an excellent opportunity to hedge against further inflation of the Bolivar, as well as invest in the future. The month of July has been a particularly good one for Venezuela. The number of transactions per week continues to....
As Venezuela's fiat -- bolivar continues to collapse, the citizens are looking for alternative options including Bitcoin to protect their earnings from turning worthless. Bitcoin, the popular digital currency had a few great weeks on the market as its price surged from mid $600s to over $700. The increase attributed to increasing demand from the Chinese market saw an abrupt end after unconfirmed reports stated that the Chinese government will soon be implementing measures to prevent capital flows in the form of Bitcoin or other digital currencies. With Bitcoin price currently staying a bit....