Venezuela stops using its own cryptocurrency Petro

Venezuela has stopped using its own cryptocurrency Petro. The coin existed for almost six years in total, but was never a great success during that time.

Venezuela’s government started using Petro in 2018 to get out of US sanctions, but many of the country’s citizens didn’t understand exactly how it worked, reports Barrons. There was also a political scandal surrounding the cryptocurrency. Patria Platform, where citizens could trade Petro, reported the coin’s discontinuation.

Petro has been used for payments in recent years, including for state services. Users who have Petro will be paid out the value in regular money, bolivars. Users’ wallets will no longer be available to make payments from Monday.