Venezuela Announces End of its Digital Currency El Petro
Main page News, Venezuela, Petro

The Venezuelan authorities have abandoned the development of the national digital currency El Petro.

As reported by Barrons, on January 15, all currencies will be automatically converted into local bolivars.

On the same day, all crypto wallets on the Patria platform, the "only" site where El Petro can be traded, will be closed.

CryptoLand Venezuela said in a statement:

"We have received the sad news from a very reliable source that Petro (PTR) officially died on January 11."

The digital currency appeared back in 2018. Venezuelan President Nicolas Maduro announced a new wage and price system linked to the national digital currency.

However, the currency was not in high demand, as retailers refused to accept it as a means of payment.

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