Venezuela’s Central Bank Launches App to Help Convert Old Bolivar into Petro-Pegged One

The new app launched by Venezuela’s central bank will convert the old fiat currency Bolivar to new Petro pegged Bolivar Soberano by takes five zeros away from the Bolivar.

Photo: Banco Central de Venezuela / Twitter

Photo: Banco Central de Venezuela / Twitter

The Banco Central de Venezuela, Venezuela’s central bank, has launched an Android app with the aim to help the country’s residents convert the country’s old fiat currency bolivar into the newly developed Petro-pegged Bolivar Soberano. As the bank said, the app is “a tool for everyone and all Venezuelans and the best ally people will have to understand and assimilate the monetary re-denomination process.”

The app called “Calculadora Soberana” easily converts Bolivar to Bolivar Soberano by taking five zeroes away from the amount being converted. The app has already gained popularity. More than 10,000 users have installed it, 184 of them have evaluated the app, and now “Calculadora Soberana” has a rating of 4.7 stars on the Google Play Store App.

Despite experiencing a period of economic crisis, Venezuela stays a crypto-friendly country. In July, Venezuelan leader Nicolás Maduro devalued Bolivar by 95% and converted the new Bolivar to the existing cryptocurrency, the Petro (PTR).

After that, Nicolás Maduro said that Petro would be treated like an alternate currency in the nation and noted that before making such a decision, Petro had been tested many times. Venezuela made its airlines accept payments in Petro, and gave India an offer of 30% discount in oil prices if payments were to be done in Petro, but this discount was rejected.

In April of this year, Daniel Peña, the executive secretary of Venezuela’s Blockchain Observatory, claimed that the Petro’s impact would be felt within “three to six months.” As we see, this prediction turned out to be true.

Recently, Maduro provided new guidelines. Believing that Petro is a tool for overcoming economic difficulties, the President of Venezuela has officially announced that Petro will become an accounting unit used within the country. Starting from August 20, Venezuela has a new accounting system. There are two officially recognized units of account. The first one will be the state-issued Petro, while the second is a new petro-pegged denominated Bolivar.

Moreover, in August the nation’s currency was devalued by nearly 96%. As was previously reported by Coinspeaker, the launch of Petro cryptocurrency has helped Venezuelans avoid the woes of the U.S. economic sanctions.Residents are finding safe haven in Bitcoin and are massively moving their money into digital assets while liquidating their fiats Bolivars since the beginning of this year.

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