The national Assembly of Venezuela is preparing a reform of the country's Constitution, which provides for the creation of a crypto-currency Central Bank. It will be the Central Bank" with its functions in exchange, monetary and financial policy, and the Central Bank will be involved. In Venezuela, from August 20, a new denominated currency will enter into circulation the Sovereign Bolivar (Bolivar Soberano), tied to the national crypto currency Petro. On Monday, the country's President Nicolas Maduro (Nicolás Maduro) said that the country will begin to operate a new system of wages and prices, also tied to Petro.
The economy of Venezuela has failed to great extent. Despite having the largest petroleum reserve of the world, their President had failed the nation with few thousand percent of inflation rate. That is the reason why it is seeking options to get a solid ground.
Noth8ng much to cheer as if now but if the Bolivar and the national crypto bank of Venezuela can help the economy to reduce the inflation rate, then it will be an interested and strong use case for the rest of the world! But looking at Maduro's history, the chances look grim!