Latam Insights — Petro Liquidation Imminent
The Venezuelan petro,
one of the first cryptocurrencies issued by a
nation and backed by natural resources such as
oil and gold, is allegedly set to be
liquidated.
The Petro blockchain
will be stopped after the government reimburses big petro holders, including department stores that
received petro payments.
The liquidation of the Venezuelan petro comes three months after Venezuelan President
Nicolas Maduro named a new r
estructuring board for Sunacrip due to its alleged involvement in a
$20 billion “Crypto-PDVSA” corruption scheme.
The petro faced operational problems in May,
with its blockchain stopping a couple of times, and reports of hundreds of accounts being blocked after these incidents.
