Venezuelan President Nicolas Maduro recently addressed the country’s cryptocurrency system and expressed the need to reestablish its position in the crypto world. This comes after the PDVSA-Crypto scheme, which led to the loss of $20 billion in unaccounted oil sales paid in cryptocurrency. Maduro acknowledged the setbacks caused by this scheme but did not provide any specifics about the revival of the national cryptocurrency, the petro.
During a meeting with banking sector representatives, Maduro implied that Venezuela might adopt a more crypto-friendly approach in the future. He mentioned the global trend of a multi-currency model based on various fiat currencies, including the dollar, yuan, ruble, and rupee. He stated, “Let’s talk about the world of cryptocurrencies. We started that path and we have to get back on it because a group of bandits and thieves destroyed the path of cryptocurrencies, but we are going to get back on it.”
It is worth noting that Maduro did not refer to the petro, which was reported to be on the verge of liquidation earlier this year. The reference to “bandits and thieves” likely alluded to the PDVSA-Crypto scheme, in which officials sold shipments and received payments in cryptocurrency but failed to report the funds to the national treasury. This scheme led to the arrest of the former heads of Sunacrip and PDVSA, as well as the seizure of mining machines by the National Power Ministry.
Overall, Maduro’s statements suggest that Venezuela is considering a reevaluation of its relationship with cryptocurrencies, although specific plans for the revival of the petro remain undisclosed.