Venezuela announces the termination of the operation of the Petro cryptocurre...

Janak9955

On January 15, according to Bloomberg, Venezuela officially announced the end of the operation of the Petro cryptocurrency. Launched by President Nicolás Maduro six years ago, the currency aimed to circumvent U.S. sanctions but failed to gain widespread circulation and became entangled in corruption scandals. According to information from the Patria platform, the sole trading platform for Petro, all Petro cryptocurrency wallets on the platform will be closed on January 15, and balances will be converted into the Venezuelan local currency, the bolivar.

Petro cryptocurrency was introduced in February 2018, backed by Venezuela's vast oil reserves, with an initial price set at $60 per unit. Faced with U.S. economic sanctions, Maduro had pledged that Petro would "open a new form of international financing."

However, citizens found it challenging to understand its usage, and some risk assessment agencies labeled it a "scam." In 2020, Maduro attempted to revitalize the cryptocurrency by requiring flights departing from Caracas to pay for fuel using Petro and mandating its use for national service fees, such as obtaining a new passport.

Jatin255

There is really no way to avoid terminating its operation.

Ritu13

With so many wallets, it's indeed difficult to decide which one to choose.

Iravan774

Caution and prioritizing security are essential.

977Iti

Termination seems to be inevitable and there's no use for it anymore.