Venezuela Orders Banks to Adopt Cryptocurrency

Venezuelan citizens arrive at the border with Peru in Huaquillas Ecuador on Sunday

Venezuelan citizens arrive at the border with Peru in Huaquillas Ecuador on Sunday

Adopting the Petro, which is now tied to and completely interchangeable with the new "sovereign Bolivar," is not the only reform made by the Venezuela's leader.

Following those clashes, President Temer sent a small contingent of troops to the border town of Pacaraima, where the unrest happened.

"I have decreed a deep and complete restructuring of the company Minerven, which has many internal vices, so that it produces all the gold that the country needs", he said."From now on every month we are going to pay pensions through the digital wallet, so that older adults do not have problems and have their resources freely". "It is a threat to the harmony of the whole continent", Temer said.

In addition to ensuring the security of Brazilians, the soldiers' role is also to look after the Venezuelan migrants' safety, the president stated.

Health officials in Peru are anxious about the spread of communicable diseases in the north as Venezuelans crossed the border ahead of new immigration rules.

What is happening in Venezuela?

Venezuela's economic crisis, exacerbated by a fall in oil prices, has caused basic goods, including food and medicine, to be in short supply, unavailable or unaffordable. Peru has also tightened deadlines for Venezuelans to sign up for a temporary residency card that lets them work in the country legally.

Venezuela has also drastically devalued the bolivar currency, issued banknotes stripped of five zeroes in new "sovereign bolivars".

Thousands of Venezuelans are now fleeing the country every day in what is rapidly deteriorating into a major migration crisis.

Regional tensions have been stoked, as neighbouring countries struggle to accommodate the exodus of Venezuelans.

On Tuesday, Venezuela said it had repatriated 89 citizens who had migrated to Peru but sought to return after suffering 'cruel treatment'.

What are neighbouring countries doing?

There are 400,000 Venezuelans living in Peru, 178,000 of which have permission to be there, Voice of America reported.

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In a brief televised address Tuesday night, Temer announced that he signed a decree to send in the armed forces to restore order and security in the state.

One minister told journalists that troops were already in place, while another warned Brazil "needs to discipline" the influx of migrants.

The first day the new rule was instituted, Peru reported a more than 50% drop in the number of migrants.

Similar regulations were introduced in Ecuador, only to be overturned by a court ruling.

Venezuelan refugees wait outside the Brazilian Immigration Point in the border city of Pacaraima, Roraima, Brazil, on August 20. Several shots were fired during the altercation, and over 1,200 migrants were forced to cross the border back to Venezuela.

The Brazilian authorities estimate that about 600-700 Venezuelans cross into Brazil from Venezuela daily.

Top immigration officials from Peru, Colombia and Brazil met in Colombian capital Bogota for a summit to discuss how to cope with the influx.

Where is Venezuela in all this?

The country's president, Nicolas Maduro, had staked a lot on the introduction of a national, official cryptocurrency, the Petro. Also, Venezuela is looking to address U.S. sanctions imposed against the country.

"Doesn't it strike you as suspicious there are photos of [these people] walking along the roadside in Peru, walking along the roadside in Ecuador, walking along the roadside in Colombia", said Diosdado Cabello, according to local media.

The head of Venezuela's constituent assembly suggested the country's escalating migration crisis was being staged to make the government look bad.

Critics however called the move a publicity stunt.

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