Venezuela Government Launches Sovereign Calculator Android App for Crypto-Backed Bolivar
Venezuela Has Gone Ahead To Launch The Android App For The New Crypto Backed Bolivar
Earlier on this week Nicolas Maduro the Venezuelan president went ahead to make the controversial decision on the current issue that exists in the new fiat currency that is referred to as the sovereign bolivar, should be backed by the cryptocurrency.
The sovereign bolivar has been re-dominated to help in removing the zeros that are present in the fleeting national currency; this is all in the event of dealing with the runaway hyperinflation.
Thus, this has added to the current issue that the sovereign bolivar has been pegged to the inconspicuous crypto market, petro, which actually cannot be traded on the market. Supposedly it is backed by the barrel of the state petroleum, which is having about 100 million of the petro tokens that have been promised to be distributed.
The Government Has Released An App
For the transition to be smoothed over, the government of Venezuela has gone ahead to release the Sovereign Calculator.
This is a new type of app that has been designed to be a 1:100,000 currency converter that can be used on Android phones from this week. The calculations are straightforward, but the miscalculation can be very significant, something that needs to be avoided. It is especially for the merchants that go ahead and convert the coin at the point it is being purchased.
From a recent tweet made by the Central Bank of Venezuela, it went ahead to introduce this new app as a necessary tool that all citizens should have on their phone. The bank went ahead to explain that with the app citizens will be in a better position to understand and also assimilate the process of the monetary re-denomination.
At the moment the Sovereign Calculator has over 5,000 installs and 50 reviews that have been given a five-star rating. The only thing is the root of this activity, currently unclear.