Venezuela’s Central Bank rolled out an Android app to aid the nation’s citizens to convert the country’s old fiat currency bolivar to the new Petro-pegged Sovereign Bolivar.
The app is called “Calculadora Soberana” (Sovereign Calculator) and the calculations it performs aren’t particularly complex as it only removes five zeros from the Bolivar to transform it into the crypto-pegged currency making a 1:100,000 conversion.
It has been downloaded above 10,000 times, and after being reviewed by 184 people, it has 4.7 rating on the Google Play store. The description says the app also allows users to keep up to date with the latest news and the data on currency conversion.
The central bank said on Twitter “The sovereign calculator is a tool for everyone and all Venezuelans and the best ally people will have to understand and assimilate the monetary redenomination process.” “Download it now!” the tweet further read.
The Developer of the app, Comunicacion Digital VE has created various apps that seem supportive of Venezuela’s socialist regime. For instance “Todo Chavez” acknowledges the late president Hugo Chavez and “Super Bolivar” is a game about independence hero Simon Bolivar. All these are designed to favour the country’s leaders.
Venezuelan leader Nicolas Maduro diminished Venezuela’s fiat currency by 95 per cent earlier this month and pegged the Sovereign Bolivar to the crypto-pegged currency petro (PTR). Later Maduro declared the petro would become an alternative currency in the nation.
The economic changes in Venezuela left the country’s citizens confused and made it difficult for both the customers and store owners as the new currency comes out after a devaluation. Earlier this month authorities arrested several merchants accused of alleging exorbitant prices while taking benefit of the turmoil. As reported by us a few days ago how the cryptocurrency has been effected in the country and rise of bitcoin every few days.
Adding to the chaos, shoppers also need to calculate the values of products at black market transaction rates. According to official exchange rates, the Sovereign bolivar is fixed at sixty per dollar all thanks to the petro, but on the black market rate is forty Percent weaker. However, the app can perform that calculation as well; it doesn’t seem programmed to roll out U.S dollar equivalents yet.
Since the nation released the cryptocurrency last year, it has been involved in controversy. The hundred-year-old Brookings Institute declared it challenges legitimate cryptocurrencies, while Venezuela’s government claimed it unconstitutional. Trump banned U.S citizens from investing in the Petro, a move in Venezuela at the time declared was “free publicity.”