For the third time in the past 12-13 years, the government of Venezuela launched a new bolivar, slashing six zeros from its Bolivar Soberano currency. The name of this new bolivar is the “digital bolivar”. While the name is “digital”, the new bolivar is a fiat currency and not a cryptocurrency. Buy Australia Banknotes in Melbourne
The first redenomination took place in 2008, adding the “strong” prefix to the name and removing three zeroes from the currency. Despite the change, inflation and devaluation went on. As a result, a second redenomination plan was introduced in 2018, automatically removing five zeros from the strong bolivar and renaming the legal tender to “sovereign bolivar” (Bolivar Soberano). With the collapse of Venezuela’s fiat money, the country has become a promising place for alternative currencies.
The Digital Bolivar seeks to facilitate payments and transactions. The purpose of the monetary reform is to improve the monetary system of Venezuela. It will make way for the economic recovery of the country which is impacted by a series of economic sanctions imposed by the US government. Buy Australia Banknotes in Melbourne
The launch of the Digital Bolivar also requires the issuance of new paper bills. For example the 10 Bolivar Digitales which is equivalent to the 10 million Bolivares Soberano and the 20-Bolivar Digitales banknote which is worth the same as the 20 million Bolivar Soberano. These banknotes share similar design elements with the commemorative 1 Million Bolivar Soberano issued in 2020. They highlight the Battle of Carabobo. Buy Australia Banknotes in Melbourne
The obverse of these banknotes features Latin American Independence leader Simon Bolivar. Simon is the leader of the battle and also whom the currency takes its name from. The reverse side of these Digital Bolivar banknotes illustrates a scene of the Battle of Carabobo. It also shows the Monument to the Motherland on the Carabobo Field and the Venezuelan emblem. Australia Banknotes online in Melbourne Australia Banknotes online in Melbourne Buying money online in Melbourne Buying money online in Melbourne How to order Banknotes online in Australia How to order Banknotes online in Australia
