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Venezuela launches crypto-pegged forex rate, effectively devaluing by 96%

This implies a new exchange rate of 6 million bolivars per dollar

Reuters  |  Caracas 

Venezuela's president Nicolas Maduro announced on Friday a single exchange rate and pegged it to his socialist government's petro cryptocurrency, effectively devaluating by 96 per cent. Maduro said he would overhaul Venezuela's disparate exchange rates and peg salaries, pensions, and prices to the petro, a cryptocurrency launched by the government earlier this year. He said one petro would equal $60 and have the equivalent of 360 million bolivars. That implies a new exchange rate of 6 million bolivars per dollar, broadly on par with widely used black market exchange ...

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First Published: Mon, August 20 2018. 03:24 IST
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