Venezuela Issues New Currency in Attempt to Boost Its Wobbling Economy

Venezuela issued a new currency Monday in an attempt to bolster its nose-diving economy

The troubled country is rolling out the bolivar soberano, or the sovereign bolivar — a new currency with five fewer zeroes than its longtime currency, the bolivar. The sovereign bolivar will be pegged to a cryptocurrency called the o.
The purpose is to drop the bolivar’s value more than 90% and simplify transactions in the hyperinflationary Venezuelan economy.
The sovereign bolivar will be worth 100,000 old bolivares.
A bank holiday was declared Monday, with banks remaining closed even as the new currency was to take effect.

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