Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue, reports indicate that the Venezuelan government will liquidate the petro, Ripple partners with the Central Bank of Colombia, and Brazil issues a cryptocurrency legal decree.
Venezuelan Government to Liquidate the Petro
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. According to reports from Bloomberg Linea, a Latam-focused news outlet, three people linked with Sunacrip, the Venezuelan cryptocurrency watchdog, stated the decision has already been made.
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 restructuring board for Sunacri
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