"The monetary reconversion will start on August 20"
According to Reuters, the president of Venezuela Nicolás Maduro has announced that the national currency bolívar will be anchored to the oil-backed Petro (PTR) cryptocurrency. Also, during a televised podcast Mr. Madure declared: "The monetary reconversion will start on August 20" and showed new denomination notes that are to be released at the end of next month. The new currency the Bolívar Soberano (Sovereign Bolivar) will lose five zeros. These measures have been assumed to stabilize the financial situation in a country experiencing a protracted economic crisis.