"The new bolivar will be issued on August 20 and will be tied to the petro [cryptocurrency]… We will also knock five zeros off the bolivar," Maduro said on national television.
Previously, President Nicolas Maduro announced the denomination of Bolivar set for June 4, as a difficult economic situation in Venezuela resulted in rapid inflation. It was at first planned to cut only three zeros from current bolivar.
READ MORE: Venezuela Further Extends Circulation of 100-Bolivar Notes
Venezuela launched the Petro cryptocurrency to sustain its crippled economy and severely depreciated bolivar after being hit by US sanctions. The newly-introduced cryptocurrency was also hit with the US sanctions.