Venezuela to Slash Six Zeros From Its Currency to Facilitate Payments
The government of Venezuela is considering a new redenomination of its fiat currency. The proposal that is under study would cut six zeroes from the inflation-affected Bolivar. This would aid companies in processing taxes and provider payments that are absurdly complex with today’s numbers. However, the dollar is the predominant coin in retail payments in Venezuela, according to consulting firms. Venezuela to Redenominate Its Currency The government of Venezuela is studying a mathematical redenomination of its currency, the sovereign bolivar, to simplify payments for big companies.....
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The Central Bank of Venezuela is rolling out a CBDC in October and will launch an SMS-based exchange system to facilitate its use. The Central Bank of Venezuela will launch a CBDC in October alongside a monetary redenomination that will cut six zeros from the currency due to raging inflation. As of Oct. 1, the digital bolivar will begin circulation in the economy. Its cash equivalent will get a new 1-bolivar coin, along with banknotes ranging from 5 Bs. to 100 Bs. as part of the six zero readjustment of the currency, The Central Bank of Venezuela made the announcement on Aug. 6. The CBDC....
Destinia, a well-known travel agency, has taken the decision to accept payments only in Bitcoin The Venezuelan economy is in shambles as the Venezuelan Bolivar’s value has been steadily decreasing due to the rigid exchange control in place since 2003. Concerned with the financial turmoil, Destinia has announced to operate exclusively in Bitcoins in Venezuela. Destinia, a well-known travel agency, has taken the decision to accept payments only in Bitcoin to further facilitate reservations by local travelers. Redditors weigh in the impact of the decision here. The company has seen a growth....
Destinia, a popular online travel agency, has officially begun to accept bitcoin payments exclusively in Venezuela. The decision was made in light of recent financial crisis in Venezuela involving the demonetization of the Venezuelan bolivar and its rapid devaluation which ultimately rendered cash in the country worthless. Local travelers, residents and other people within Venezuela are now able to book hotel rooms and flights using bitcoin, a digital currency that served the general population across the globe as an alternative to cash and reliable store of value throughout 2016. Victor....
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....
Travel much? Bitcoinist discovered that using Bitcoin instead of local currency gives you more Big Macs for your bits, particularly in places like Venezuela and Nigeria. Attn: Travelers & Digital Nomads. It’s common knowledge that buying Bitcoin might make a great investment. It can also save you money when you use it to buy products at Amazon via Purse.io. Less well known is that using Bitcoin can slash your travel costs as well particularly in places like Venezuela and Nigeria. Both these countries have capital controls on their economies and black markets for hard currency,....