Venezuela halting Petro crypto amid scandals and setbacks
Venezuela officially halts Petro crypto after six years, converting assets to bolivar. Petro faced scepticism and limited adoption. Corruption scandal and crackdown on Bitcoin mining contributed to Petro’s downfall. Venezuela is officially discontinuing its controversial Petro cryptocurrency, a project initiated by President Nicolas Maduro six years ago to counter US sanctions. Despite initial ambitions, the Petro faced hurdles, scepticism, and a corruption scandal. As crypto wallets on the Patria Platform, the sole trading platform for Petro shut down, the remaining assets will be converted to the bolivar. The demise of Petro comes amidst a crackdown on crypto mining and a challenging economic landscape in Venezuela . A brief history of the Petro cryptocurrency Launched with much fanfare in February 2018, the Petro crypto currency was backed by Venezuela ’s substantial petrol reserves and priced at $60 per unit. President Maduro aimed to util...