News Explorer — Venezuela Ends Oil-Backed Petro Cryptocurrency

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Jan 15, 7:59 am

Coindesk

Venezuela Ends Oil-Backed Petro Cryptocurrency

Venezuela is discontinuing its Petro cryptocurrency after more than five years since its launch. The token, created by President Nicolas Maduro in 2018 to support the bolívar amid economic crisis and U.S. sanctions, faced controversy and legal issues from the start. The Petro's demise was sealed by a corruption scandal and crackdown on Bitcoin mining operations.

Venezuela is discontinuing its Petro cryptocurrency after more than five years since its launch. The token, created by President Nicolas Maduro in 2018 to support the bolívar amid economic crisis and U.S. sanctions, faced controversy and legal issues from the start. The Petro's demise was sealed by a corruption scandal and crackdown on Bitcoin mining operations.

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