Venezuela Abandons Petro Cryptocurrency: Controversy and Corruption Mark the End of an Economic Experiment
Jan 16, 2024
Venezuela has officially ended its Petro cryptocurrency initiative after a five-year experiment, plagued by controversy and corruption. Launched in 2018 by President Nicolas Maduro to stabilise the bolívar during an economic crisis, the Petro faced opposition, including sanctions from the United States. Despite attempts to link it to various services and the minimum wage, the Petro saw limited adoption and was mostly traded on the Patria Platform. The final blow came from a corruption scandal involving crypto assets for oil operations, leading to Petro's termination, with remaining tokens being converted to the bolivar.