caracas venezuelan president nicolas maduro look world digital currency circumvent u.s.-led financial sanction announce sunday launch petro back oil reserve shore collapse economy leftist leader offer specifics currency launch struggle opec member would pull feat declare cheer 21st century arrive venezuela create cryptocurrency back oil gas gold diamond reserve maduro say regular sunday televise broadcast five-hour showcase christmas songs dance petro say would help venezuela advance issue monetary sovereignty make financial transactions overcome financial blockade opposition leaders deride announcement say need congressional approval cast doubt whether digital currency would ever see light day midst turmoil real currency bolivar freefall country sorely lack basic need like food medicine still announcement highlight sanction enact year u.s. president donald trump administration hurt venezuela ability move money international bank washington levy sanction venezuelan officials pdvsa executives country debt issuance source say compliance departments scrutinize transactions link venezuela slow bond payments complicate certain oil export maduro pivot away u.s. dollar come recent spectacular rise bitcoin fuel sign digital currency slowly gain traction mainstream investment world announcement bewilder followers cryptocurrencies typically back government central bank ironically venezuela currency control recent years spur bitcoin fad among tech-savvy venezuelans look bypass control obtain dollars make internet purchase maduro government poor track record monetary policy currency control excessive money print lead 57 percent depreciation bolivar dollar last month alone widely use black market drag monthly minimum wage mere 4.30 millions venezuelans plunge poverty struggle eat three meals day maduro announcement unlikely bring immediate relief economists opposition leaders say maduro former bus driver union leader recklessly refuse overhaul venezuela control stem economic meltdown could seek pay bondholders foreign creditors currency amid plan restructure country major debt burden opposition leaders say plan likely flop maduro clown credibility opposition lawmaker economist angel alvarado tell reuters see future add fellow opposition legislator jose guerra maduro say try combat washington-backed conspiracy sabotage government end socialism latin america sunday say venezuela face financial world war enter 'petro venezuela launch oil-backed cryptocurrency