12:13 GMT +315 October 2018
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    A cashier counts Venezuelan bolivar notes at a street market in downtown Caracas, Venezuela

    New Venezuela Cryptocurrency-Tied Bolivar Coming in August, Maduro Says

    © REUTERS / Ueslei Marcelino
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    MEXICO CITY (Sputnik) - Venezuela’s President Nicolas Maduro said Wednesday he had ordered for the ailing national currency to be redenominated next month amid hyperinflation.

    "The new bolivar will be issued on August 20 and will be tied to the petro [cryptocurrency]… We will also knock five zeros off the bolivar," Maduro said on national television.

    Previously, President Nicolas Maduro announced the denomination of Bolivar set for June 4, as a difficult economic situation in Venezuela resulted in rapid inflation. It was at first planned to cut only three zeros from current bolivar.

    READ MORE: Venezuela Further Extends Circulation of 100-Bolivar Notes

    Venezuela launched the Petro cryptocurrency to sustain its crippled economy and severely depreciated bolivar after being hit by US sanctions. The newly-introduced cryptocurrency was also hit with the US sanctions.

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    Tags:
    cryptocurrency, currency, bolivar, Petro, Nicolas Maduro, Venezuela
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