Nicholás Maduro Plans A Digital Currency Surprise for Venezuelans

The disputed Venezuelan president, Nicholás Maduro, might be planning some new digital currencies for the region. The country was one of the first nations to launch its state-backed digital currency officially. The president recently shared that he is working with some people to launch a surprise, which would likely get the crypto space’s attention. Maduro has always been an advocate for cryptocurrencies, hence creating the country’s digital Pedro.

Although sources claim that the Pedro project is not as successful as the region anticipated, the president’s new surprise could change things. The politician revealed that his team would be working towards the launch of the ‘surprise.’

Maduro to announce a Bolivar surprise

Sources cannot pinpoint what the surprise could be, but many say that it’s unlikely to be linked with the government’s issued digital Pedro. The president is one to make random announcements like this, as he has done so in the past. The politician explained that he would reveal the surprise later when he addressed some people.

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Like many countries are battling a failing economy, Venezuela is also suffering the same fate. People believe that the president’s surprise could be towards returning the economy to its former state.

The country has made some decisions in the past few months and raised eyebrows in the global community. Venezuela authorities had suspended exchange currency controls, skyrocketing the dollar’s price to the one in black markets.

The control allowed citizens to have their accounts in dollars, but bolivars were still actively used. The politician said a digital currency surprise would involve bolivar, meaning that the nation plans to create another state-back virtual currency.

Experts speak on Maduro’s announcement

Fernando Medina. A c-suite officer at spoke on the issue and suggested that the country might be working on a Central Bank Digital Currency, especially since the current state-backed currency is not a legal tender. The expert looked at things from the constitutional aspect and said bolivar is the country’s official legal tender, which would solve some problems. The CTO added that what he suggests is likely the nation’s situation.

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Other experts have opinions different from this, as some think that the nation wants to dollarize the currency to gain some economic stability. Ray Falconi, a crypto enthusiast, said that the government’s dollarizing plans necessitated dollar accounts opening. According to Falconi, the process would accept cash and digital asset and then convert them to a backed-token.

Another expert within the region believes that the digital Bolivar and Pedro would co-exist, while the government chooses one for domestic transactions and international settlements. Still, all the suggestions are merely suggestions until the nation’s president officially announces his digital currency plans.

The politician had declared an interest in digital assets since he announced Pedro’s creation three years ago. The creation led to cryptocurrency growth in the region, especially since 2017 was the year many people hot interested in digital assets. Presently, the digital Pedro is backed by several assets to help the country find some stability as it tries to regain its former stance.

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Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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