Petro, the world's first cryptocurrency created by a government, is close to going bankrupt and being discontinued by the Government of Venezuela, according to Bloomberg Línea when receiving information from sources linked to the Superintendency of Criptoactivos (Sunacrip).

Among the factors linked to the closure of cryptocurrency are international agreements, as part of the negotiation and efforts that the Joe Biden government maintains to overcome the socio-political crisis in Venezuela.

However, the biggest factor taken into account by the Government for the closure of the project is the corruption scandal involving Joselit Ramírez, the superintendent of crypto assets in Venezuela, who was arrested on March 17 in a police procedure related to corruption allegations.

The operation, targeting alleged cases of embezzlement and irregularities in proceedings involving the Supreme Court of Justice, Petróleos de Venezuela (PDVSA) and some municipalities, was confirmed on March 20.