The Socialist regime of Venezuela, who launched the world’s first state-owned cryptocurrency claimed to be backed by its oil reserve named ‘Petro’ back in February 2018, has announced that the government has decided to fix the exchange rate of one cryptocurrency to US$ 60. This has effectively devaluated their own national currency, Bolivar.

The President of the state announced that the pegged exchange rate for one cryptocurrency would be US$ 60 or will have an equivalency of 360 million Bolivars, bringing the Bolivar exchange rate to 6 million Bolivar to one Dollar causing a 96% devaluation.

The Bus driver and Union Leader turned President Mundro also announced his plans to overhaul Venezuela’s exchange rate and fix salaries, pensions, prices to the Petro. Since 2003, Venezuela has maintained a very strict control over their currency and according to many experts is the reason for their economic crisis. President Mudro also made a statement released on Television that “ they have dollarized our prices, I am petrollizing salaries and petrollizing prices.”

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