Totally Confused: Venezuelan Central Bank Helps Locals Converting Fiat in Crypto

August 28, 2018

The Central Bank of Venezuela has launched recently an Android app to help the citizens in converting the country’s old currency, bolivar, into the new Bolivar Soberano backed by the Petro cryptocurrency.

The application is called Calculadora Soberana and enables quite simple computational algorithms: it just take five zeros from the today’s currency with the conversion rate 1:100,000.

Up to now it has been downloaded over 10,000 times and got a 4.7-rating at Google Play with 184 comments. According to the description, it also allows for checking out the latest news and information on currency conversion.

Meanwhile, as Bloomberg says, the app developer Comunicacion Digital VE has got several other applications at Google store. All of them seem to support the Venezuelan socialistic regime as they are dedicated to the country’s leaders and praises them.

Earlier this month the Venezuelan leader Nicolás Maduro devaluated the country’s currency by 95% and pegged the new Bolivar Soberano to the oil-backed cryptocurrency Petro (PTR). All this happened soon after the Maduro’s statements that the Petro may become the country’s alternative currency.

This measure, according to BBC, has demonstrated that Venezuela has turned into a paralyzed country as dramatic economic changes has left its citizens totally confused. In addition, the authorities have already arrested some traders accused of charging exorbitant costs amid the mess.

Along with that the buyers have to calculate product prices by the black market exchange rate. As official exchange rates show, the Bolivar Soberano costs 60 per dollar while it is 40% cheaper at the black market.

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