Venezuela’s Central Bank (Banco Central de Venezuela) revcently launched its currency conversion app on the Android platform to aid Venezuelan residents convert their old fiat currency (Bolivar) to the new fiat (Sovereign Bolivar) which is linked to its alternate and national cryptocurrency; the Petro.
The app which is called Soverign Calculator (Calculadora Soberana) was designed by app developer firm; Comunicacion Digital VE and is basically designed eliminate ‘five zeros’ from the Bolivar’s value and convert it to the crypto-pegged Soverign Bolivar, using a 1:100,000 conversion scale.
According to statistics few days after its release, the App had recorded over 10,000 downloads with a rating of 4.7 by users on Google’s Play Store. Aside its currency conversion arithmetic, the app also provides news and updates related to both currencies and their conversion information.
In its official release, the Venezuelan Central Bank reiterated that the App was a tool for all and for Venezuelans as it aims at giving users a perfect understanding and guided information on the new monetary denomination process.
The launch of this app points further to President Nicolas Maduro’s resilience towards maintaining his stance on his proclaimed National Cryptocurrency (The Petro) which he believes would keep the nation afloat its economic woes; despite increasing internal and external controversies surrounding the Petro’s utility and the country’s new financial policies amid its declining economy.
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