Venezuela Devalues Bolivar by 95%, Raises Min Wage by 3,000%

[Vladar49]

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/

[Merhaba]

I don't how it will affect their economy with the devaluation but the great step is increasing the minimum wage. This is a really good initiative. We need to protect the working class as they are the engine running the country. The labours are the most common people living on daily-wages.

[Ksarey]

Venezuela may have a weak economy but they are moving in the right step. They are using the cryptocurrency and blockchain technology to help the financial stability of the country. The best thing that they did was to increase the minimum wage of the people.

[Torahano]

Venezuela are in a serious crisis. The people are on the streets and fighting for their rights. I hope that the cryptocurrency they have launched and back will help them solve some of the issues they are facing. Do you think that the issues of the people will be solved by the Government?