Since October 1, the Venezuelan authorities have been introducing a digital national currency with six zeros less than in paper money, according to a message from the country’s Central Bank.
“Starting from October 1, the digital bolivar will start operating using a monetary scale that will remove six zeros from the national currency,” the bank said in a statement.
Thus, “everything that is expressed in the national currency will be divided by a million.”
“The introduction of the digital Bolivar will not affect the value of the currency, that is, the currency will cost neither more nor less; this is done to facilitate its use,” the Central Bank notes.
At the same time, citizens will be able to continue using paper money.
The introduction of a digital currency will help the country’s economic recovery, the Central Bank is confident.