Calculadora Soberana: Venezuelan Bank’s Sovereign Calculator Petro Crypto Android App Launches
Venezuela’s Central Bank Launches Android App To Convert Bolivars To Petro Crypto
The Banco Central de Venezuela which Venezuela’s central bank has launched an app that converts the country’s old currency known as Bolivar into Petro which is the newly developed crypto that has been put in place to try and resolve the country’s hyperinflation crisis.
How Does The Android App work?
The app was announced first on Blooberg and it’s named ‘Calcuradora Soberana’ meaning sovereign calculator. The main purpose of this smart calculator is to take away the five zeros from the fiat currency to fit the Petro at a conversion rate of 1:100,000.
It seems that such an app was long overdue since over 10,000 downloads were made even before the press conference over. Majority of the people who installed Calculadora Soberana, gave a rating of 4.7 stars on Google store where about 184 people are said to have evaluated it before achieving this rating. The app is also said to keep users updated on any news regarding the conversion of these currencies.
More About The Venezuelan Crisis
In recent times, Venezuela has being experiencing an economic crisis with citizens drowning in inflation. The country’s president, Nicolas Maduro, devalued the country’s national currency by a whopping 95%. He also converted the Bolivar into the oil backed cryptocurrency known as Petro. More to that he added that the newly created Petro would be used as an alternate currency in the country.
As a result of such moves by the Venezuelan leadership, merchants are said to have started charging crazy prices for goods. The government went ahead to arrest them to prevent them from exploiting the citizens due to the economic turmoil.
The country is said to have carried out numerous tests on the Petro before adopting it into the economy. The country also announced that they would be accepting Petro as payment for its oil exports. Countries such as India would receive a 30% discount if they agreed to pay for crude oil products using Petro.
Despite the many impediments that Petro has faced including being banned by the Trump administration, it seems that things are looking up. The endorsement by the Venezuelan sovereign financial body is a positive move for Petro.