I think this is to give liquidity to the petro coin from Venezuela? It sounds great that the country that is near to economic collapse is embracing blockchain tech but it also sounds risky for putting the petro in the blockchain way too early in hopes of restoring the economy. I feel pity for the people and hates the corruptions going on. Anyways, I hope Venezuela get back on their feet soon.
This is likely the aim, but this isn't beneficial to crypto in any way. This dictatorship is attempting to circumvent international sanctions on the country with the Petro, and anyone buying into it is helping to prop up the regime. Venezuela just arrested executives of Chevron because they didn't sign a contract with the Venezuelan oil company and Chevron has since pulled the rest of the team out of the country. Source: https://www.reuters.com/article/us-venezuela-oil-chevron/venezuela-arrests-two-chevron-executives-amid-oil-purge-idUSKBN1HO2V7 The Venezuelan state-owned company is full of graft and corruption, and the country keeps firing executives and installing soldiers to run things. This is particularly why the country is failing. The use of the Petro is an attempt to get cash into the the economy despite the fact that international sanctions have mostly cut it all off. By selling the Petro for cash instead of oil, the government hopes to get around the international sanctions, but anyone helping is selling out to support a dictator in hopes of making crypto gains.
