I’m sure your remember the cryptocurrency introduced by Venezuela two years ago.
Named Petros, the digital money is backed by Venezuela’s oil reserves. Most citizens have no idea how to buy or use it.
Although under U.S. sanctions, the country still exports about a million barrels of oil a day.
Last week, embattled President Maduro required that buyers pay their port fees using the Petro in a scheme to reduce dependence on foreign currency (eg, the U.S. dollar) and to prop up the country’s cryptocurrency.
Most buyers don’t pay Venezuela cash for the oil, instead bartering with refined products like gasoline.
Shipping agents are now afraid that using the Petro will run afoul of the sanctions and the sale of Venezuela crude has ground to a halt.