2 391

Venezuelan President devalued the bolívar by 95% and pegged it to a digital cryptocurrency

Venezuelan President Nicolas Maduro announced a series of economic changes in another attempt to maintain the country's flailing economy.

The first one is devaluation of Venezuela's currency, the bolívar, by a whopping 95%. Before the announcement, inflation in Venezuela was projected to hit 1,000,000 per cent this year. The new currency will also be renamed the "sovereign bolívar."

"I want the country to recover and I have the formula. Trust me," Maduro said on Friday. "They've dollarized our prices. I am petrolising salaries and petrolising prices.

The sovereign bolívar will be pegged to the government's cryptocurrency, the petro, which is linked to movements in oil prices., according to Bloomberg. The petro is valued by the Venezuelan government at about $60, or 3,600 sovereign bolívars.

At the same time, Maduro also announced a huge 3,000% increase to the minimum wage.

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