Venezuela CB Plans Own Digital Currency

Venezuela is struggling badly right now. With the local currency devaluing at an accelerated pace, things are going from bad to worse for the country’s economy, ME.com reported. As a last-ditch effort, the government is now looking into creating its own central bank digital currency. Whether or not this measure will be successful remains to be determined. The concept of central bank digital currencies has been kicked around so many times it is almost changing shape. Several countries are exploring this option, although none have successfully created such a tool as of today. Venezuela is the latest country to give this option a try, albeit more out of necessity than innovation. For the time being, this concept is still in the early stages of development, as no major progress has been made in this regard. That has not deterred the Central Bank of Venezuela from contemplating the issuance of a national virtual currency in the very near future.