June 20 (Cointime) - The Venezuelan government plans to halt the Petro blockchain after repaying major Petro holders, including department stores that have received Petro payments. The decision was made following the discovery of a $20 billion corruption scheme involving embezzlement from the country's oil operations and implicating top officials.
The former head of the National Superintendency of Cryptoassets of Related Activities (SUNACRIP), Joselit Ramirez, was dismissed and apprehended for his alleged involvement in the plot.
The Petro, launched in 2018 as the world's first government-backed cryptocurrency, has faced doubt and disapproval from various quarters due to its lack of transparency, governance, and economic viability.
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