Altcoins > State-backed cryptocurrency

So Venezuela is changing today!

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SarahApple:
The key changes, which will come into effect from today:

* Devalue Venezuela's currency, the bolivar, by a whopping 95%. The new currency will be renamed the "sovereign bolivar."
* Instead of an exchange rate of 250,000 bolivars per US dollar, it will increase to around 6 million.
* According to Bloomberg, the new bolivar will be pegged to the government's own cryptocurrency, the petro.
* The sovereign bolivar will move in line with changes in the petro, which itself is linked to movements in oil prices.
* The petro is valued by the Venezuelan government at around $60, or 3,600 sovereign bolivars.
* To make things more complicated, the new sovereign dollar will also be re-denominated, which will remove about five zeros from its unit measurement.
* At the same time, President Maduro also announced a huge 3,000% increase to the minimum wage.
* So in the new re-denominated currency, a person on the minimum wage will receive around 1,800 sovereign bolivars a month, instead of 1.8 million.
* The new minimum wage will be the equivalent of around $30 per month.What you think about it guys?

emililadjet:
The people of venezuela will resist against the americain

Gregory789:
I read that people who own cryptocurrencies are the only ones who can live there good today.

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