New Venezuela’s Digital Bolivar Isn’t Digital, and It Won’t Solve the Country’s Economic Crisis

New Venezuela’s Digital Bolivar Isn’t Digital, and It Won’t Solve the Country’s Economic Crisis
Ernesto, a gastronomic entrepreneur in Cumaná, a coastal Venezuelan city facing the Caribbean Sea, initially thought that Venezuela’s new digital bolivar — English translation of “bolivar digital” — would be similar to a central bank digital currency.He even started talking with friends in different crypto chat rooms about the announcement, until he understood that “digital” was just in the name.“It’s a normal currency, fiat money. They are going to print a bill,” said Ernesto, who preferred to keep his last name anonymous.The Venezuelan government launched a digital bolivar last Friday, and it is already generating uncertainty and nervousness, several locals…