Crypto Game
  • Advertise
  • Submit a Press Release
  • Contact Us
Blockchain & Cryptocurrencies Tabloid
  • Finance & Blockchain News
  • Bitcoin News

    Michael Saylor Targets 600K Bitcoin Holdings in Strategy Shift

    Kiyosaki Hopes for Bitcoin Price Drop, Plans to Buy More

    Robert Kiyosaki Advocates for Bitcoin Price Drop

    Corporate Bitcoin Investment Surges with Figma’s $69.5M Purchase

    Corporate Bitcoin Holdings Surge with 8,400 BTC Acquired

    Binance CEO CZ Reflects on Late Crypto Entry

  • Altcoin News
    • All
    • Bitcoin Cash
    • Cardano
    • EOS
    • Ethereum
    • Litecoin
    • Monero
    • Ripple
    • Stellar

    Ethereum Projection: Expected to Surpass $5,000 Amid ETF Boost

    Ethereum ETF Projection Sparks $5,000 Price Anticipation

    Ethereum Projected to Hit Record $5,000: Expert Analysis

    Toncoin Teams with UAE for Golden Visa via Staking

    Toncoin Partners with UAE to Offer Golden Visa

    Toncoin and UAE Offer Golden Visa for TON Stakers

    Trending Tags

    • Ethereum
    • Bitcoin Cash
    • Litecoin
    • Monero
    • Ripple
  • Crypto 101
    • All
    • Cryptocurrencies
    • Exchanges
    • Services
    • Wallets
    Benefits Of Choosing the Right AI Trading Bot

    4 Benefits Of Choosing the Right AI Trading Bot

    Crypto Trading

    A Beginner’s Guide to Crypto Trading: Unlocking the World of Digital Coins

    BitcoinGames.com

    BitcoinGames.com Introduces the Ultimate Casino Gaming Experience with Bitcoin

    How AI is Helping Athletes and Fans Get the Most out of the Game

    From Training to Judging, AI is Entering the Ring

    Top 5 Websites for Buying Gift Cards with Crypto

    Clutch Savours – Gift Certificates You Can Buy with Crypto

    Layer 2 Blockchains

    Everything You Need To Know About Layer 2 Blockchains

  • Blockchain Events
No Result
View All Result
Blockchain & Cryptocurrencies Tabloid
No Result
View All Result

The Central Bank of Venezuela Launches App for New Crypto-Tethered Bolivar

Anca F. by Anca F.
August 28, 2018
in Finance & Blockchain, Latest News

Venezuela’s Central Bank has created an Android app to allow its citizens to calculate how many sovereign bolivar units they own.

As hyperinflation keeps on growing in Venezuela, the government appears to be betting almost all it has on its state-backed ‘Petro’ currency.

President Nicholas Maduro revealed earlier in August a new exchange rate for the Bolivar, which was tethered to the Petro. According to Maduro, one Petro was equal to $60 U.S. Dollars and worth 360 million bolivars, basically inducing a devolution in the national currency of 96%.

This pegged currency was called the ‘sovereign bolivar.’ Maduro recently stated that the new currency used alongside several other economic measures were the “formula” which would help “the country to recover.”

However, many people from domains outside and from the crypto industry are certain that the petro and the new sovereign bolivar are just scams which will eventually collapse.

But in spite of all the negative reception, the Venezuelan government appears to have great faith in it cryptocurrency and keep on pushing it forward. Venezuela’s Central Bank announced the launch of an Android application which was developed to help its citizens “understand and assimilate the monetary re-denomination process.”

Sovereign Calculator, as the app is known, was peddled by Venezuela’s Central Bank as a “tool for everyone.”

Considering that the bolivar’s re-denomination basically removed five zeros from its old price, the application doesn’t have to do much calculating. Still, the app currently has thousands of downloads and was rated 4.5 stars out of 5 by 241 reviewers.

The app was met with mixed reviews from its citizens, as some commended the app’s design and functionality, while others criticized that it has no actual use and it artificially deflates the bolivar’s true value.

Comunicacion Digital VE, the company which created the app, have been known to develop programs in collaboration with the current government.

In spite of this new currency, Venezuela’s economic state is still in shambles, and many specialists believe that these new economic initiatives will only bring even more failures and turmoil.

Tags: Android appBolivarCentral Bank of VenezuelaPetropetro tethered currencypetro- pegged bolivarsovereign bolivarSovereign Calculatorvenezuela inflationVenezuela’s Central Bank
Previous Post

Crypto Investment Platform Atlas Quantum Experiences Data Breach

Next Post

Malta Could Host the World’s First Blockchain University

Anca F.

Anca F.

Related Posts

Ethereum’s Path to $5,000 Amid Spot ETF Launch

by Anca F.
July 6, 2025

Ethereum could reach $5,000 with the spot ETF launch, boosting capital inflow.

Vitalik Buterin Defends Crypto Event Travel Amid Climate Concerns

by Solomon M.
July 6, 2025

Vitalik Buterin addresses crypto event travel's global importance while advocating for sustainable practices.

Vitalik Buterin Defends Crypto Event Travel for Global Engagement

by Solomon M.
July 6, 2025

Vitalik Buterin argues that the carbon footprint of crypto event travel is worthwhile for fostering a global community, maintaining innovation...

FTX Recovery Trust Halts Payouts in 49 Jurisdictions

by Solomon M.
July 6, 2025

FTX Recovery Trust pauses creditor payouts in 49 jurisdictions due to regulatory issues.

FTX Recovery Trust Freezes Payments in Restricted Jurisdictions

by Solomon M.
July 6, 2025

FTX Recovery Trust halts creditor payments in 49 restricted jurisdictions due to legal reviews.

FTX Restrictions Affect Creditors in 49 Jurisdictions

by Solomon M.
July 6, 2025

FTX's payout restrictions impact creditors in 49 regions, prioritizing compliance and legal adherence over cryptocurrency distributions.

We Recommend

Top Rated Casinos
Bitstarz Casino

BitcoinCasino.io
Top Crypto Betting
1xBit.com
Top Rated Exchanges
Binance Exchange

Bityard.com
Top Advertising Services
Coinzilla Display Network
Top Crypto Wallets
Ledger Nano X

  • Terms and Conditions
  • Privacy Policy
  • Advertise
  • About Us
  • Contact Us

© 2018-2019 theccpress.com by Brantell Media.

No Result
View All Result
  • Finance & Blockchain News
  • Bitcoin News
  • Altcoin News
  • Crypto 101
  • Blockchain Events

© 2018 - 2019 theccpress.com, a Brantell Media project.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.