Hyperinflation at its best. Venezuela officially announced that will remove 6 zeroes from its currency in October, 1,000,000 “old” bolivares will become 1 “new” bolivar. New currency will called “Bolivar Digital”

Hi guys, as you probably know I'm Venezuelan living here, crypto enthusiast.

Title says all, this is the 3rd time in the last 15 years it has been done.

  • In 2008, 3 zeroes were removed.
  • In 2018, 5 zeroes were removed.
  • And now, in 2021, 6 zeroes will be removed.

    More and more frequent and more zeroes, maybe in 2 years 9 zeros? I hope not!

Just weeks ago I got my first 1,000,000 Bs. (Bolivar) bill, just released months ago, worths only 0.25 USD. I understand why they are so scarce, they are death before being born.

As for now, one USD is around 4,000,000 Bs. so 1st October one USD will be 4 Bs. Monthly minimum wage is 10,000,000 Bs. as today (2.5 USD monthly), it will be converted to 10 Bs.

Of course, two months until 1st October, hyperinflation will continue, I think the exchange rate will be around 6,000,000 Bs the day of the currency change.

AMA

https://www.bloomberg.com/news/articles/2021-08-05/venezuela-to-cut-six-zeros-from-bolivar-push-digital-adoption

submitted by /u/WorkingLime
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