Weekend – Venezuela to peg currency to the value of its cryptocurrency starting Monday

The is an effective devaluation of the bolivar by around 95%. President Maduro also announced:

• increase in taxes
• higher gasoline prices
• a raise of the minimum wage

The official devaluation takes the new version of the bolivar to levels roughly in line with the black market rate

The new bolivar (called the sovereign bolivar) value is effectively tied (pegged) to Venezuela’s cryptocurrency the Petro

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