Venezuela to launch CBDC

[TomPluz]

The Central Bank of Venezuela is rolling out a CBDC in October and will launch an SMS-based exchange system to facilitate its use.

The Central Bank of Venezuela will launch a CBDC in October alongside a monetary redenomination that will cut six zeros from the currency due to raging inflation.

"The bolivar will not be worth any more or any less, in order to facilitate its use, it is being taken to a simpler monetary scale," the central bank said.

Source is here: https://cointelegraph.com/news/venezuela-to-launch-cbdc-in-october-and-cut-six-zeros-from-its-currency


The main question here is: Will CBDC be a useful tool for a bad economy in fighting inflation or will it just implode more. In my view, even with CBDC a bad economy is beyond help and can even be used as a model why CBDC is not working at all. Anyway, good luck to Venezuela and may it get into a state where people can experience some form of prosperity.

[Fenix]

Any money by itself cannot raise the economy of the state. Money only reflects her condition. Therefore, first of all, it is necessary to launch the real sector of the economy in order for it to work effectively. However, Venezuela would still need to launch CBDC, that is, a digitized bolivar, later. It should work more efficiently than cash. Well, let's see what happens.