New Bolivar in Venezuela, will appear on 20 August

© RIA Novosti / Dmitry Znamenskiye. Archival photoNew Bolivar in Venezuela, will appear on 20 August© RIA Novosti / Dmitry Znamenskiy

Venezuelan President Nicolas Maduro announced the release into circulation denominated Venezuelan currency, the Bolivar sovereign — from August 20 and its relation to bitcoin «Petro».

«The new Bolivar will appear on 20 August, he will have a reference to Petro, there will be a new monetary system. And Bolivar will be removed five zeros,» said Maduro in a live state television of the country.

Initially it was assumed that sovereign Bolivar will be introduced June 4, instead of the current Bolivar, impaired as a result of hyperinflation, but then it was expected that bills will be removed three zeros, not five. But then the authorities have postponed the implementation of this decision.

Maduro also presented the samples of new coins and banknotes – from 0.5 to 500 bolivars. On Wednesday the dollar on the black market of Venezuela, according to Dolar Today, exceeded 3.5 million bolivars. The minimum wage in the country amounts to 3 million bolivars, inclusive of mandatory payments for the purchase of the minimum food basket is 5.2 million.

Venezuela 20 Feb released provided oil cryptocurrency «Peter», becoming the first country with its own cryptocurrency, which is supported by the oil reserves. To work with «Petro» the President intends to create four economic zones. As stated Maduro, Central Bank of Venezuela may buy gold for Petro, all public institutions will be required to enter into foreign exchange contracts in «Petro», and since April 20, the country started selling housing for the cryptocurrency.