Venezuelan president Nicolas Maduro has replaced the country 's currency with a " sovereign bolivar " , which has five fewer digits than its predecessor , and is linked to the controversial petroleum - backed petro cryptocurrency . Maduro 's aim is to reduce the country 's inflation , and peg wages , prices and pensions to the petro , which is worth roughly $ 60 , or 3,600 sovereign bolivars . Financial experts and organisations condemned the move , calling the petro a " scam " and Maduro 's decision a " cloak - and - mirrors operation " .
Venezuelan President Nicolas Maduro has replaced the country's currency with a "sovereign bolivar", which has five fewer zeros than its predecessor, and is linked to the controversial petroleum-backed petro cryptocurrency. Maduro's aim is to halt the country's hyperinflation, and peg wages, prices and pensions to the petro, which is worth roughly $60, or 3,600 sovereign bolivars. Financial experts and organisations criticised the move, calling the petro a "scam" and Maduro's decision a "smoke-and-mirrors operation".