Venezuela has also introduced the demonetization scheme in their country and it turned out pretty chaotic.
Venezuela postpones demonetization after chaos that was caused by the people. Venezuelan President has suspended the elimination of the country’s largest demonetization bill, which caused chaos all over the country. The people were given 10 days to exchange the 100 bolivar bills at the central bank. The government soon regretted its decision and postponed the decision for two weeks.
The 100 bolivar bills are officially demonetized since Thursday and are now worth just 4 US cents at the black market. The demonetization of 100 bolivar bills led to vast lines at banks, looting at scores of shops and anti-government protests. One person died in the chaos resulted.
The President of the country blamed a “sabotage” campaign by enemies abroad for the delay of the three planes carrying new 500, 2000 and 20000 bolivar notes. Venezuelan people found themselves without any food for food, gasoline or Christmas preparations. Nearly 40 percent of Venezuelans don’t have bank accounts which is the main cause for the chaos.
The opposition party said the socialist leader should resign for incompetence and for inflicting yet more suffering on Venezuelans.