Hyperinflation at its best. Venezuela officially announced that will remove 6 zeroes from its currency in October, 1,000,000 “old” bolivares will become 1 “new” bolivar. New currency will called “Bolivar Digital”
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Hi guys, as you probably know I’m Venezuelan living here, crypto enthusiast.
Title says all, this is the 3rd time in the last 15 years it has been done.
In 2008, 3 zeroes were removed. In 2018, 5 zeroes were removed.
And now, in 2021, 6 zeroes will be removed.
More and more frequent and more zeroes, maybe in 2 years 9 zeros? I hope not!
Just weeks ago I got my first 1,000,000 Bs. (Bolivar) bill, just released months ago, worths only 0.25 USD. I understand why they are so scarce, they are death before being born.
As for now, one USD is around 4,000,000 Bs. so 1st October one USD will be 4 Bs. Monthly minimum wage is 10,000,000 Bs. as today (2.5 USD monthly), it will be converted to 10 Bs.
Of course, two months until 1st October, hyperinflation will continue, I think the exchange rate will be around 6,000,000 Bs the day of the currency change.
AMA
submitted by /u/WorkingLime
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