Petro News

The crypto, intended as a blow against U.S. sanctions, was never accepted at home or abroad and was crippled by scandal.

The government will spend six additional months reorganizing the entity, which it shut in March 2023.

According to Venezuela’s attorney general office, government officials were running parallel oil operations with the assistance of the national crypto department.

A new board headed by Anabel Pereira Fernández will lead the reorganization. The new team excludes Joselit Ramirez, who led the department since its inception in 2018 but was reportedly arrested on March 17 on corruption charges.

Bitcoin adoption has been on the rise in Venezuela in recent years amid hyperinflation and the national currency crisis.

“We must advance in these new economic and technological systems to be accessible,” Maiquetia airport director said.

The Central Bank of Venezuela is rolling out a CBDC in October and will launch an SMS-based exchange system to facilitate its use.

The Venezuelan army turns to crypto mining as the country's economy collapses.

Venezuela has announced a 90-day trial for a decentralized stock exchange supporting “alternative digital assets” and fiat currencies.

Crypto garnered another mention in one of Maduro's bombastic speeches.

The Venezuelan government has not yet announced partnerships capable of listing PTR abroad.

Venezuelan mayors agreed to join the government’s plan to expand the adoption of Petro despite some municipalities not having the technology to handle it.

The government of Nicolas Maduro claims that 15% of fuel payments at petrol stations were made using the state-backed Petro token.

The U.S. government issued a $5 million bounty to the supervisor of the Petro, but court documents suggest that crypto has little to do with alleged sanction evasion schemes.

Venezuelan petrol stations now support the state-issued Petro cryptocurrencies, however, the rollout comes amid an aggressive adjustment to the country’s petrol regime.