The President of Venezuela, which is currently suffering from the political crisis and hyperinflation, Nicholas Maduro said that the country will operate a new system of salaries and prices, tied to the national cryptocurrency El Petro, according to the local media source Telesur TV.
Last month, the authorities announced their intention to hold a denomination of the local bolivar, removing five zeros from its face value and tying it to El Petro. The new national currency is called bolívar soberano (“sovereign bolivar”).
Now it became known that the national cryptocurrency will be tied to salaries, and the system should earn on August 20. The official course of the “sovereign bolivar” will be provided in real time by the Central Bank of Venezuela.
Maduro believes that now speculators will have no excuses for their actions, as prices will be tightly tied to the national currency. He also explained that, at least at the first stage, the country will use two monetary units – bolívar soberano and El Petro.
In conclusion, Maduro said that a “new history” will begin on August 20, and by 2020 Venezuela will restore stability and ensure social and economic prosperity.