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Venezuela is reportedly looking to lunch a central bank for cryptocurrencies, as the country�s National Constituent Assembly is preparing to reform the Venezuelan Constitution to include it, along with a court above its Supreme Court.
According to Reuters, information on the development was provided by Hermann Escarr�, which the outlet describes as �one of the most influential members of the assembly that prepares the changes to the 1999 Constitution.�
A draft of the changes to the country�s Constitution is set to be presented in 35 days to the board of the Constituent Assembly. Per Reuters most of what will change is still unknown as high-ranking government officials have only generally addressed the move. Escarr� revealed, however, a central bank for cryptos is coming.
He was quoted as saying:
�There will be the Central Bank with its functions in exchange, monetary and financial policy and the Central Bank will be incorporated.�
The changes will reportedly include the Petro, a controversial oil-backed cryptocurrency Venezuela launched ealrier this year, and a �e court of constitutional guarantees� that�s set to be above Venezuela�s Supreme Court.
After launching the Petro, Maduro ordered several state-owned companies to accept it, and has revealed the country �may� charge for exports in it. Venezuela notably attempted to offer India crude oil at a 30% discount if it paid in Petros, a discount India refused.
The cryptocurrency is seen as a way for the country to draw in foreign investments and bypass international sanctions. Century-old think tank Brookings Institute has claimed it undermines legitimate cryptocurrencies, and president Trump banned US citizens from the cryptocurrency, a move Venezuela touted was �free publicity.�
Per Escarr�, changes to the Constitution will also see Venezuelan companies have greater access to foreign investment, specifically in the oil sector. He stated: �there will be an opening, provided that the State has the majority.�
The development comes shortly after Maduro announced a new fiat currency called the Bolivar Soberano (Sovereign Bolivar), which is set to help take five zeroes away from the bolivar, Venezuela�s current fiat currency. As CCN reported, the Bolivar Soberano is set to be pegged to the Petro.
Venezuela has been dealing with an ever-increasing inflation rate, which according to Bloomberg�s Caf� Con Leche Index is now seeing one cup of coffee cost 2 million bolivars, up from 2,300 in the past 12 months. The government�s moves are presumably being made to hinder its inflation�s growth.