Financial Times: Poland lost $230 million in failed Venezuelan oil deal involving crypto

Financial Times reported that Poland lost $230 million in a failed attempt to buy Venezuelan oil using cryptocurrency. The report said the attempted purchase became a major scandal in Poland. Cryptocurrency is a digital asset used to transfer value electronically between parties, including parties in different countries. It does not by itself guarantee that a purchased commodity will arrive or that the trade will be completed; in this case, the attempted oil purchase ended without the oil Poland sought and with a total loss of $230 million.