“Starting from October 1, 2021, the Digital Bolivar will go into effect, by applying a monetary scale that removes six zeros from the national currency. In other words, all monetary sums expressed in the national currency will be divided by one million,” the central bank said in a statement.
The Digital Bolivar will not affect the national currency rate, as well as the issuance of non-digital banknotes, according to the bank.
The digital currency is expected to prop up the digital economy of Venezuela and become a historic landmark needed at a time when the country "begins a path of economic recovery, after the crisis produced by the brutal attack on the economy, national currency, as well as the criminal introduction of the [US] economic and financial blockade."