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Central Bank of Venezuela Announces ‘Digital Bolivar’ Redenomination Plan

Central Bank of Venezuela Announces ‘Digital Bolivar’ Redenomination PlanThe Central Bank of Venezuela announced the new redenomination plan for its fiat currency called “Digital Bolivar.” This new proposal seeks to simplify transactions by slashing six zeroes from the current value of the currency. While it is called digital, it has nothing to do with the proposal of a new central bank digital currency […]

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Venezuela to Slash Six Zeros From Its Currency to Facilitate Payments

Venezuela to Slash Six Zeros From Its Currency to Facilitate PaymentsThe 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 […]

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