Venezuela's Central Bank Launches Android App to Convert Bolivars to Petro-Pegged Currency8/26/2018 AdvertisementThe Banco Central de Venezuela, Venezuela’s central bank, has recently launched an Android app to help the country’s residents convert the country’s old fiat currency, the bolivar, to the new Petro-pegged Bolivar Soberano – the Sovereign Bolivar. The app, first spotted by Bloomberg, is called “Calculadora Soberana” (Sovereign Calculator) and doesn’t do particularly complex math, as it pretty much takes five zeros away from the bolivar to convert it to the crypto-pegged currency, making a 1:100,000 conversion. At press time it has been downloaded over 10,000 times and has a 4.7 rating on the Google Play store, after being reviewed by 184 people. Its description reveals it also lets users keep up to date with the “latest news and information on currency conversion.” On Twitter, the central touted the app is a “tool for everyone and all Venezuelans,” and the “best ally people will have to understand and assimilate the monetary re-denomination process.”
As Bloomberg notes the app’s developer, Comunicacion Digital VE, has various other apps on Google’s app store. These all seem to support Venezuela’s socialist regime, as they’re about the country’s leaders, and are apparently designed to favor them. Earlier this month Venezuelan leader Nicolás Maduro devalued Venezuela’s fiat currency by 95% and pegged the new Sovereign Bolivar to its oil-backed cryptocurrency, the Petro (PTR). This, after Maduro revealed the Petro was going to become an alternate currency in the country. The move, according to the BBC, saw Venezuela become a “paralyzed country” as the economic changes left the country’s residents confused and facing restricted cash withdrawals. Making things worse, authorities already arrested several merchants, accused of charging exorbitant prices while taking advantage of the turmoil. Adding to Venezuela’s problems, shoppers also need to calculate the prices of goods at black market exchange rates. The sovereign bolivar, according to official exchange rates, is set at 60 per dollar thanks to the Petro, but on the black market the currency is reportedly going for 40% less. Venezuela’s PetroAs CCN covered, the South American nation gave the Petro various use cases before making it an official alternate currency. Earlier this year, it revealed it “may” charge for exports in the oil-backed cryptocurrency, and offered India a 30% discount on crude oil if it were paid in PTR, a discount the country rejected. In an interview with the country’s Cuatro F magazine in April, the executive secretary of Venezuela’s Blockchain Observatory, Daniel Peña touted the Petro’s impact would be felt within “three to six months.” Since the country announced the cryptocurrency late last year, it has been embroiled in controversy. The century-old think tank Brookings Institute claimed it undermines legitimate cryptocurrencies, while Venezuela’s National Assembly declared it unconstitutional. President Donald Trump banned US citizens and residents from investing in the Petro, a move Venezuela at the time claimed was “free publicity.” Featured image from Shutterstock. Follow us on Telegram or subscribe to our newsletter here.• Join CCN's crypto community for $9.99 per month, click here. • Want exclusive analysis and crypto insights from Hacked.com? Click here. • Open Positions at CCN: Full Time and Part Time Journalists Wanted. Partner By desimpul.blogspot.com The materials on Desimpul's website are provided on an 'as is' basis. Desimpul makes no warranties, expressed or implied, and hereby disclaims and negates all other warranties including, without limitation, implied warranties or conditions of merchantability, fitness for a particular purpose, or non-infringement of intellectual property or other violation of rights. Further, Desimpul does not warrant or make any representations concerning the accuracy, likely results, or reliability of the use of the materials on its website or otherwise relating to such materials or on any sites linked to this site. In no event shall Desimpul or its suppliers be liable for any damages (including, without limitation, damages for loss of data or profit, or due to business interruption) arising out of the use or inability to use the materials on Desimpul's website, even if Desimpul or a Desimpul authorized representative has been notified orally or in writing of the possibility of such damage. Because some jurisdictions do not allow limitations on implied warranties, or limitations of liability for consequential or incidental damages, these limitations may not apply to you. Accuracy of materials The materials appearing on Desimpul's website could include technical, typographical, or photographic errors. Desimpul does not warrant that any of the materials on its website are accurate, complete or current. Desimpul may make changes to the materials contained on its website at any time without notice. However Desimpul does not make any commitment to update the materials. Links Desimpul has not reviewed all of the sites linked to its website and is not responsible for the contents of any such linked site. The inclusion of any link does not imply endorsement by Desimpul of the site. Use of any such linked website is at the user's own risk. Modifications Desimpul may revise these terms of service for its website at any time without notice. By using this website you are agreeing to be bound by the then current version of these terms of service.
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