Venezuelas Maduro Fixes Cryptocurrency Rate At $60

Sumaira FH Published August 18, 2018 | 05:54 AM

MEXICO CITY (UrduPoint News / Sputnik - 18th August, 2018) Venezuelan President Nicolas Maduro said Friday the foreign exchange rate of the petro cryptocurrency would be fixed at $60, or 3,600 redenominated bolivars.

The oil-backed digital coin was launched in February in a bid to tackle hyperinflation. Maduro also said in July he would knock five zeros off the ailing national currency, which traded 5.

9 million to $1 on Friday.

Maduro promised he would raise the minimal wage to 1,800 new bolivars from the current 30 redenominated bolivars on August 20, ahead of Saturdays transition to petro and the slimmed-down bolivar.

The Venezuelan government took over Currency controls in the country in 2003. The old bolivars will be phased out starting this weekend, with the new currency being pegged to petro.