Venezuela introduced the Petro (PTR) by announcing that it was backed by the oil reserves of Venezuela in Barrels of oil currently valued at 1 PTR = 60SD. President Maduro said that this would help fight the hyperinflation, shortage of cash, long lines at ATMs, and fight U.S sanctions. With the diminishing production of Oil in Venzeula by state owned PDVSA, and the rising distrust of the populace in the State. Like the introduction of the new currency, the Bolivar Soberano, by eliminating 5 zeros from the previous bank notes I don't believe this will be the solution to a crashing and hyperinflationary economy. What do you guys think of the Petro (PTR) and Venzuela's cryptocurrency and its Oil back methodology to give it credibility?
I think this will help the economy of Venezuela President Maduro and his government will be very sincere about the Petro Coin project,however I don't believe that any government will be capable of running a decentralized financial economy without external political interference.