Venezuelan Government Reportedly Set to Liquidate Petro Cryptocurrency

Reports suggest that the Venezuelan government is preparing to liquidate the Petro, one of the first state-backed cryptocurrencies. Asonacrip, a national cryptocurrency association, claims to have information about the impending liquidation process, involving the automatic exchange of Petro balances for bolivares, the Venezuelan fiat currency. This move aligns with the government’s liquidation of other crypto assets held in government-managed accounts, all set to be converted to bolivares on January 15. The Petro, initially launched in 2018, has faced operational issues, and its popularity has waned. The government has not officially communicated the future of the cryptocurrency. (Source: Bitcoin.com)