Venezuela’s “Sovereign Bolivar” linked to Petro cryptocurrency circulates

Monetary measures announced by the Venezuelan government on state-backed television are in effect as the circulation of the Sovereign Bolivar begins around the country. The new currency, whose symbol is Bs.S., has five fewer zeros compared to the previous Bolivar, and it’s anchored to the Petro cryptocurrency, which is backed by the country’s oil reserves. The move was widely criticized by analysts and economists outside of the country.

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