Venezuela’s Demise: Petro Cryptocurrency Faces Extinction

Venezuela shuts down the petro cryptocurrency amidst graft scandal

Venezuela is officially ending its petro cryptocurrency, which was launched by President Nicolas Maduro six years ago as a way to bypass US sanctions. The decision comes after the petro failed to gain traction and became embroiled in a corruption scandal. All crypto wallets on the Patria Platform, the only website where the petro was tradeable, will be shut down on Monday, January 15. This move marks the final chapter for a cryptocurrency that never lived up to its initial promise.