In an official statement published by the Central Bank of Venezuela (BCV), the entire country was informed that as of October 1, the Digital Bolívar will come into effect, a new expression of the national currency that entails a monetary reconversion that will eliminate six zeros from the currency.
The BCV explained in the communiqué that this reconversion seeks to put the Digital Bolivar “on track”: “In order to facilitate its use is being taken to a simpler scale”, says the text.
In addition, it explains that the digital bolivar and the physical bolivar “will coexist” in a process “to rescue its strength.”
The financial entity indicated that the reference exchange rate “will continue to be the one to determine the national Exchange Market System”.
