New Venezuelan currency is a strategy against economic warfare

The entry into force of a new currency, the digital bolivar, is the Venezuelan government’s strategy to face the economic war waged by the United States and its allies, Vice President of Planning Ricardo Menendez stated.

In an exclusive interview with Prensa Latina, the senior official stressed that the national economy is hit, disturbed by the unilateral coercive actions by Washington and its allies, in view of which the State decided to take measures for the protection of the population and the strengthening of the economy.

‘The currency issue is not of today, that aggression has been brewing for a long time, the dollar in Venezuela was historically a commodity, it is sold as if it were a product,’ stressed Menendez, who is also the minister of Planning.

In November 2019, in the midst of a complex panorama and hyperinflation, President Nicolas Maduro decided to accept the dollar as the currency within the country, at that time, although officially commercial operations were not carried out in that currency, there was an informal market where it operated.

According to experts, the new currency will also facilitate greater connection from the population with its currency, regardless of the constant external attacks and the speculative processes induced in the economic system, and will reduce transaction costs in the economy.

The minister of Planning told Prensa Latina that Venezuela is on the way to develop a new economic apparatus that will benefit the population, even in the midst of the blockade by the White House and its allies, whose consequences are devastating for the nation.