Venezuela’s oil-backed cryptocurrency Petro to shut down
The Venezuelan government will reportedly shut down Petro (PTR), its state-issued, oil-backed crypto, which was subject to controversy and did not see mass adoption by citizens in the country. According to reports, crypto wallets on the Patria website, the trading platform for Venezuela’s Petro, will cease operations on Monday, Jan. 15, with the remaining Petro converted to bolivar, the country’s fiat currency . Petro’s demise comes nearly six years after its official launch in 2018. Venezuelan President Nicolás Maduro said at the time that the crypto will help to circumvent harsh sanctions by the US government and also help the country’s collapsing economy. You might also like: Venezuela authorities seize Bitcoin mining machines from notorious prison However, the state-issued crypto currency which was an ambitious project, failed to see widespread adoption among citizens, with the country’s legislators labeling the token as unconstit...