Venezuelan Authorities End El Petro Project

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In February 2018, the Venezuelan government introduced the Petro digital currency. President Nicolas Maduro stated that each token would be backed by oil from the state-owned company PDVSA.

The plan was for Petro to be utilized in businesses, with the company being required to sell 50,000 barrels of oil per day for the currency.

However, over the past few years, interest in Petro has significantly decreased, with the population and businesses showing a preference for other digital currencies such as Bitcoin and Dash.

The government has officially announced the liquidation of all Petro wallets and the remaining tokens will be automatically converted into the national currency, the bolivar.

This move is not expected to have a major impact on the country’s financial state, as the token has seen very little utilization, even among government agencies.