Venezuela announces the cessation of the cryptocurrency project Petro

ChainCatcher news, Venezuela plans to terminate its cryptocurrency project Petro on Monday, due to the fact that the currency has not been widely circulated and is involved in corruption scandals.

Petro was backed by Venezuela's oil reserves, but it has been difficult to understand and has been rated as a scam. President Maduro had attempted to promote its use, but ultimately decided to shut down the Petro crypto wallet and convert the balance to the local currency.