Venezuela: The Central Bank of Venezuela announced the entry into force as of October 1 of a new currency reconversion and the implementation of the Digital Bolivar, which will suppress 6 zeros from the national currency, Radio Reloj reports.
As of the change in the scale, any amount currently reflected in the Venezuelan currency will be divided by 1 million, in order to facilitate its use by being expressed in simpler amounts, which will not affect its value.
This process of monetary reconversion is supported by the deepening and development of the digital economy in Venezuela, and constitutes a necessary step at a time when the country begins the path of economic recovery, the issuing entity said.
The Central Bank of Venezuela asserted that the transformation of the national currency into its digital format, its use and popularization will allow progress in the construction of a modern vision of the currency.