The government of Venezuela has taken on several desperate, unorthodox initiatives to revive and save its economy from failing completely. In the most major move, the government has devalued Bolivar, its national currency and pegged it to Petrol, oil-backed crypto.
The new pegged currency will be called the ‘sovereign bolivar’ and will “move in line with changes to the Petro, which is itself linked to movements in oil prices.” Currently, the government has allotted a value of around $60 to every Petri coin (approx 3600 sovereign bolivars).
Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/venezuela-devalues ... -by-3-000/