Bitcoin

Read

<div class="cryptonews">
 <p class="is-style-lead">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.&nbsp;</p>
 <p>According to reports, <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> 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 <a rel="noopener noreferrer nofollow" title="currency" href="https://thebittimes.com/tag/currency.html">currency</a>.&nbsp;</p>
 <p>Petro’s demise comes nearly six years after its official launch in 2018. Venezuelan President Nicolás Maduro said at the time that the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> will help to circumvent harsh sanctions by the US government and also help the country’s collapsing economy.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Venezuela authorities seize Bitcoin mining machines from notorious prison
 </div>
 <p>However, the state-issued <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a><a rel="noopener noreferrer nofollow" title="currency" href="https://thebittimes.com/tag/currency.html">currency</a> which was an ambitious project, failed to see widespread adoption among citizens, with the country’s legislators labeling the token as unconstitutional in 2018 before its official launch.&nbsp;</p>
 <p>Despite criticism from within and outside Venezuela, Maduro’s administration continued to forge ahead with Petro, stating that passport fees would be paid in PTR. In 2020, the President stressed that the token will play a critical role in Venezuela’s economic recovery.&nbsp;</p>
 <p>While Petro may not have enjoyed mass adoption, Venezuelans embraced other cryptocurrencies, such as Bitcoin.&nbsp;</p>
 <p>Opposition leader Leopoldo López reportedly endorsed crypto, saying it helped Venezuela’s citizens preserve their savings from the continuous devaluation of the bolivar.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Venezuelan oppositioner highlights crypto’s role amid crisis
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/venezuela-s-oil-backed-cryptocurrency-petro-to-shut-down-tbt76555.html">https://thebittimes.com/venezuela-s-oil-backed-cryptocurrency-petro-to-shut-down-tbt76555.html</a></p>

Venezuela’s oil-backed cryptocurrency Petro to shut down

TheBitTimes

Другие статьи, опубликованные 14 янв. 2024 г.

Solana SAGA Genesis: 15,000+ and 540 Daily Mobile Activations

ChainGPT Pad's Weekly Roundup 01.06 - 01.12.

Experts Predict Bitcoin To Hit $100K on This Date, Reckon Ethereum and Retik Finance To Soar the ...

Polkadot vs. NuggetRush vs Dogecoin: Which Offers Better Returns?

Scam Sniffer Identifies Major Phishing Scammers in Solana Ecosystem

Binance assures Indian accounts are safe following Apple’s delisting

Join our free newsletter for daily crypto updates!