Venezuela shuts down state cryptocurrency

Petro overseer had been embroiled in scandals, including over $21.2 billion of missing oil payments

Venezuelan BOB100 note

Venezuela has shut down its state cryptocurrency, the petro, which had been mired in various corruption scandals.

Agence France-Presse (AFP) reported that Patria, the only platform on which the currency could be traded, had displayed a message saying it would be closing on January 15. As of today (January 22), Patria’s website is no longer operating. 

The authorities had initially hailed the petro as providing a way out of Venezuela’s economic crisis. The country, which has more oil reserves than

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