According to reports, the government of Venezuela could be winding down the operations of the petro cryptocurrency. The decision comes after Sunacrip, the Venezuelan cryptocurrency watchdog, was set back by the alleged participation of its former head Joselit Ramirez in a potential $20 billion corruption scheme involving the settlement of Venezuelan oil sales.
Reports Indicate Venezuela Is Prepared to Liquidate Petro Cryptocurrency
The run of the first nation-issued cryptocurrency asset might be close to its end. According to reports from Bloomberg Linea, three people linked to Sunacrip, the Venezuelan crypto watchdog, have stated that the institution has decided to liquidate the petro five years after its issuance.
The decision, allegedly taken by the new restructuring board in charge of Sunacrip, would also include liquidating the debts contracted with big petro holders in the country, including department stores that decided to accept petros as a payment method.
Petro’s price in t
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