Venezuela’s National Crypto, Petro, Faces Potential Shutdown

Venezuela's national cryptocurrency, Petro, may be on the brink of closure. Bloomberg Linea reports suggest a likely shutdown of the oil-backed Petro, following a corruption scandal. Insiders from Sunacrip, the country's crypto watchdog, revealed these plans, hinting at the cryptocurrency's liquidation five years post-issuance. Allegedly, this drastic move is part of Sunacrip's restructuring. Furthermore, Sunacrip intends to liquidate debts with large Petro holders. The allegations included stealing from national oil operations. Following this event, energy providers across Venezuela halted numerous crypto mining operations.

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