Venezuelan Maduro Says He Has Oil Coming for Petro Cryptocurrency

When a nation acts out on the international stage, world powers can apply punitive pressure by leveling sanctions against the offender.

The current Venezuelan government knows this dynamic well, as corruption and a humanitarian crisis under Venezuelan President Nicolás Maduro has led the U.S. and others to hit his administration with biting economic restrictions in recent years.

These sanctions seem locked in for the long haul, so Maduro’s admin improvised in December 2017 by announcing his regime’s plans to launch a national cryptocurrency, the oil-backed Petro, as a means to provide his government with more financial freedom.

At the time Maduro said the crypto, which launched in early 2018, would eventually be backed by 5 billion barrels’ worth of oil that had not yet been derived from domestic crude reserves.

Those 5 billion barrels never ended up materializing, and the Petro has since failed to gain widespread traction despite the Venezuelan government’s efforts to turn it…