VENEZUELA SET TO BAN ITS OIL-BACKED CRYPTOCURRENCY “PETRO”

Summary from the TLDR Crypto newsletter

Venezuela is shutting down its Petro cryptocurrency after over five years of operation. Launched by President Nicolas Maduro in 2018, Petro was intended to bolster the country's national currency amidst an economic crisis and US sanctions. However, it was mired in controversy from the start and most recently faced a corruption scandal linked to oil operations. Outstanding Petros are being converted into the local currency, bolívars.