Venezuela’s new cryptocurrency: Scam likely?

Even though nothing suprises us anymore, the government of Nicolas Maduro, came out with a new idea: the “Petro”, cryptocurrency backed by the country’s reservers of oil, gas, gold and diamonds.

One unit of the Petro will be backed by one barrel from Venezuela’s oil, valued at $59. The plan is to issue 100 million petros in an attempt to recover the economy of the country, which has been suffering hyperinflation and devaluation for years.

The buyer’s manual: White Paper Petro is the only original document released by the goverment of  Venezuela that explains how users can get this coin.

But the real question is, Can we trust on this coin? or is another government instrument? In fact, is very hard to believe in a cryptocurrency controlled by the Venezuelan government with such a reputation of corrupt, where almost all the companies are a big lie, starting with PDVSA. (and also knowing that the country is not producing enough oil to accomplish its existing dollar obligation)

Is not a secret that the state oil company PDVSA, has at least 50 cases of corruption and oil production sabotage. The most recent is against five Venezuelan officials that, according with the U.S Justice Department, “They are accused of soliciting bribes in exchange for helping vendors win favorable treatment from state oil company PDVSA, the latest case to stem from a $1 billion graft probe”

We don’t know yet what’s gonna happen. One thing is certain, life is full of surprises and Venezuela is the country where anything can happen. Feel free to share your opinion on the coments

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