- Nicolás Maduro is reviving the Venezuelan crypto path, even after a $20 billion loss linked to previous digital currency efforts
- The past failures of Venezuela’s crypto strategy were marked by corruption, leading to arrests and a halt in progress
- This renewed focus on crypto by Nicolás Maduro aims to bypass U.S. sanctions, with details of the strategy still emerging
Nicolás Maduro has decided to revive the use of cryptocurrencies in Venezuela, despite past failures, including a $20 billion loss. But what does this new attempt mean for the country and the world of crypto? Let’s find out what’s cooking.
From Losses to Ambitions: Venezuela’s Crypto Comeback
Venezuelan President Nicolás Maduro has announced plans to relaunch the use of cryptocurrencies in the country, despite significant past failures, including an estimated $20 billion loss from an attempt to use crypto for oil export payments. This is an ambitious and, for now, vague project that could impact Venezuela’s international trade policies.
Maduro has mentioned a return to the crypto world—within what he calls a “multi-currency” context—despite the major issues and subsequent arrests from the Sunacrip scandal.
For now, it’s unclear what options Venezuela will pursue in an attempt to shift at least part of its transactions, payments, and revenue to channels not controlled by what Caracas sees as its number one enemy: the United States.
A Dream That Ended with a $20 Billion Shortfall
Venezuela has long been on the front lines of what can and cannot be done with cryptocurrencies. Years ago, it launched its own token (Petro) and even set up important payment channels for oil sales through these networks. But it was forced to backtrack after a shortfall of around $20 billion.
According to official sources, these were funds that were never transferred to the Treasury and eventually led to the arrest of the leaders of Sunacrip, the company managing the crypto operations, including Joselit Ramirez and Tareck El Aissami.
This scandal forced Venezuela to quickly reassess the entire program, which, according to Nicolás Maduro’s recent public appearance, may now see the light of day once again.
“We’re talking about cryptocurrencies. We started a path that we had to stop because of a group of bandits and thieves who destroyed it. But we’ll be back.” Nicolás Maduro, President of Venezuela
If the $20 billion shortfall is confirmed, Venezuela’s case would be one of the most successful operations in the history of cryptocurrencies, intersecting with states trying to bypass sanctions.
A Story That Hasn’t Been Told Enough
The Sunacrip case was one of the most significant scandals in crypto history, ending with the imprisonment of the leaders who had full jurisdiction over the cryptocurrency world in Venezuela.
It was a scandal involving corruption and significant shortfalls, with billions allegedly embezzled by the agency’s leaders. The operation was worth $20 billion according to government sources, but they later reported a $3 billion shortfall, with crypto assets allegedly stolen by the agency’s leadership—again, according to official sources.
There are few public documents on this matter—apart from a few procedural dispatches—and getting to the bottom of this story will be impossible even for journalists with direct access to key sources in the country.
On this topic, even so-called Western media is unreliable, having never been able to prove the extensive use Venezuela supposedly made of certain channels, which, among other things, are highly risky for Venezuela as they could still be subject to seizure.
This story also intersects with the complete failure of the Petro project, which shut down for good in 2024 without ever achieving its intended goals.
Conclusion
Maduro is ready to play the cryptocurrency card again, despite the still open wounds of the past. The future of Venezuela in this field remains uncertain, but one thing is clear: the president is not afraid to take risks, and we can only wait and see how the situation unfolds.
