Venezuela’s Next Step: a Central Bank For Cryptocurrencies

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15 Aug 2018

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The National Constitutional Assembly plans to reform the country’s 1999 Constitution to include a Central Bank for cryptocurrencies. The news came from one of the most influential members of the country’s assembly.

The member, Hermann Escarrá, revealed that “there will be the Central Bank with its functions in exchange, monetary and financial policy and the Central Bank will be incorporated.” The changes will also affect the Petro, an oil-backed cryptocurrency that was launched earlier this year.

The recent developments came after a new fiat currency - the Sovereign Bolivar - was announced. This currency is set to be pegged to the Petro, according to reports. These government decisions are being made to battle a growing inflation situation in the county.