Venezuela to use digital Bolivar in its monetary system
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https://www.telesurenglish.net/news/Venezuela-To-Use-Digital-Bolivar-in-Its-Monetary-System-20210805-0004.html
In order to facilitate the use of this new virtual currency, monetary authorities will remove 6 digits from the nominal value of the current physical currency.The Venezuelan Central Bank (BCV) announced that the “Digital Bolivar” will enter into circulation on October 1. Also on that day, a new monetary scale will be applied, which eliminates 6 zeros from the national currency. That is to say, any value currently expressed in bolivars will be divided by one million.
“This change of monetary scale, which is supported by the deepening and development of the digital economy in Venezuela, constitutes a necessary historical milestone as the country begins the path of economic recovery, after the crisis produced by the brutal attack on our economy and national currency and the criminal application of an economic and financial blockade,” the BCV stated.
“The introduction of the Digital Bolivar does not affect the value of the currency, that is to say, the bolivar will not be worth more or less. To facilitate its use, however, it will have a simpler monetary scale,” it explained.
We have an article which finalizes saying: “The problem is not neoliberalism, the problem is capitalism.” In this case, we can say that the problem is not the monetary system, the problem is capitalism, the monetary system is part of the capitalist mode of production. The only Latin America leftist who said that socialism should be a society without monetary system was Ernesto Che Guevara and he became the head of the Central Bank of Cuba and Minister of Industry and Commerce, therefore, he supported capitalism and the market system
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