The Central Bank of Venezuela is all set to roll out a CBDC in October and introduce an SMS-based exchange system to facilitate payments and transfers between its users. As of Oct. 1, the digital bolivar will begin circulation in the economy. Its cash equivalent will get a new 1-bolivar coin, along with banknotes of 5 Bs. to 100 Bs. as part of the six zero readjustment of the currency. However, the bank assured that CBDC and the redenomination of currency will not affect the digital bolivar’s value.
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