In a televised vocalisation communication on sun night, Venezuelan President Nicolas Maduro announced that the 100-bolivar notation - the highest-denomination notation inwards Venezuela, which trades on the dark marketplace for ii U.S. of A. cents - volition hold out taken out of circulation inwards gild to stalk currency traffickers.
The Venezuelan authorities has decided to follow inwards the steps of the Modi direction inwards India, which unleashed chaos amongst its 500 & 1000-rupee ban inwards November, sold to the Indian populace nether the pretense of fighting terrorism as well as corruption.
According to Maduro’s speech, in that location are entire warehouses inwards neighboring Colombia, where inwards excess of 300 billion bolivares are hoarded yesteryear criminal gangs. Maduro defendant “imperialist forces” of waging economical state of war on Venezuela inwards a bid to destabilize the country’s economic, political as well as social fabric.
The United Socialist Party of Venezuela published several photos on Twitter that allegedly demonstrate the storehouses of the traffickers.
Venezuelans volition alone hold out given 10 days to swap their quondam banknotes for new, higher-denomination bills (500-20,000 bolivars), which volition hold out introduced on Dec 15.
Additionally, Maduro explained that business office of the 100-bolivar-ban is to grab the currency traffickers, who ask maintain been profiting yesteryear purchasing subsidized goods inwards Venezuela amongst notes bought on the inexpensive on dark markets, off guard:
"I ask maintain given the orders to unopen all land, maritime as well as air possibilities as well as then those bills taken out can't hold out returned as well as they're stuck amongst their fraud abroad."Opposition leaders inwards Venezuela ask maintain slammed Maduro for the unprecedented move. Henrique Capriles, Governor of Miranda as well as a vehement critic of the Maduro administration, took to Twitter to vocalisation his disapproval.
An English linguistic communication translation of Capriles’ tweet reads:
“When ineptitude rules! Who tin mean value of doing something similar this inwards Dec as well as amongst the difficulties that nosotros have? Maduro’s leadership!”
Cuando la ineptitud gobierna!A quién se le ocurre hacer algo así en Dic y con las dificultades que hay?Maduro y su cúpula! https://t.co/oaNqDMwlD9
— Henrique Capriles R. (@hcapriles) December 11, 2016
The ban of the 100-bolivar notation amounts to removing 48% of the currency notes inwards circulation. According to information from the Venezuelan key bank, in that location were half dozen billion 100-bolivar notes inwards circulation inwards November.
Many tech-savvy Venezuelans ask maintain already turned to to a greater extent than unorthodox stores of value similar Bitcoin to escape the hyperinflation of the bolivar. Trading inwards the digital currency has been on the ascent inwards Venezuela every bit evidenced yesteryear the growing turnover on P2P Bitcoin trading sites such every bit LocalBitcoins. Weekly turnover on LocalBitcoins for final calendar week inwards Venezuela came inwards at 5,598,594 Venezuelan bolivars (223 BTC) - the second-highest reading since 2013:
