Venezuelan Central Bank Releases App To Convert Old Currency

Aug 27, 2018 at 12:03 Update Date :Feb 27, 2019 at 07:46 UTC

The Venezuelan Central Bank, Branco Central de Venezuela, has recently released an Android-based application to help the citizens of the state to exchange the previous fiat currency of the country, the Venezuelan Bolivar, with the brand new currency, the Petro-backed Bolivar Soberano, or the Sovereign Bolivar.

The new app has been dubbed “Calculadora Soberana” (the sovereign calculator), and while doesn’t exactly conduct heave and complex mathematics, it did essentially removed 5 zeros from the Bolivar amount to exchange it for new Petro-backed currency. The conversion is simply a 1:100,000 one.

At the time of writing, the app had been downloaded from the Google Play Store for more than 10,000 times, and also holds a 4.7 rating after reviews from about 184 users. According to the app description, it allows and enables the users to always stay informed on new developments and data of money conversion issues.

The bank explained on Twitter that this app serves to be a “tool for everyone and all Venezuelans,” and the “best ally people will have to understand and assimilate the monetary re-denomination process.”

The developer, Comunicacion Digital VE, also has a number of other apps on the Play Store, all of which apparently back the Venezuelan socialist regime, and are allegedly designed to favorites and back the country’s leaders.

Nicolás Maduro, the President of Venezuela, has devalued the previous country by around 95% earlier this month, and linked the new Bolivar Soberana to its oil-backed token Petro (PTR). This development comes after the President had announced Petro as the next alt-currency of the country.

Experts have suggested that this has paralysed the country, as the new changes and economic developments left all citizens thoroughly confused and faced with restricted cash withdrawals. Authorities have also made several arrests of merchants who were allegedly taking excessively high prices in order to take advantage of the situation.

To add to issues, citizens will also have to calculate prices at the rates present in the black market. The new sovereign Bolivar, having been pegged to the Petro currency, is now going at 60 for a dollar.

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