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A comment on Venezuela devalues the bolivar by 95% and pegs it to ‘oil-linked’ cryptocurrency. Parent comment

Re:Venezuela devalues the bolivar by 95% and pegs it to ‘oil... by jjeaff on Monday August 20, 2018 @12:24PM (#17801266)
The debt is denominated and must be repaid in USD. Nothing changed in Venezuela except some fantasy exchange rates than no one cares about except a handful of government cronies who are allowed to take advantage of those rates when they want to buy USD from the government using bolivars.
[ Parent | on HN ]
Re:Venezuela devalues the bolivar by 95% and pegs it to ‘oil... by stickfigure on Monday August 20, 2018 @12:55PM (#17801549)
This should be the top comment in this subthread.

The 95% devaluation doesn't really change anything - unless you were specially connected, you couldn't change bolivars for USD at the official exchange rate. At most this devaluation just brings the official rate back in line with the black market rate, which is the real exchange rate because that's the only rate at which you can actually exchange currency.

Folks holding bolivars (and creditors, and pensioners) were already screwed. This just makes it official.

[ Parent | on HN ]
Re:Venezuela devalues the bolivar by 95% and pegs it to ‘oil... by nerfhammer on Monday August 20, 2018 @02:20PM (#17802404)
Ordinary people aren't legally allowed to exchange bolivars for foreign currencies at all.
[ Parent | on HN ]