What is it?

The Petro, as dictated by its website, is the first cryptoactive issued by a State. Created by presidential order on December 3, 2017, day that Nicolás Maduro announced the creation of a cryptocurrency that would be backed by the country's natural resources: oil, gold, gas and diamonds.

According to the state, the purpose of creating this cryptocurrency is the transaction of money without going through a banking institution that prevents or sabotages the operation and thus evade the sanctions imposed by the international market on the Venezuelan economy.

How does it work?

Like all cryptocurrencies in the market, Petro uses the Blockchain system, which is a virtual system that functions like a bank administered equally by all users. Therefore, transactions are made immediately and the data is stored in the computers or devices of all users of the system, so that a historical record of operations is generated that can not be altered or deleted.

Fuente

Sales process:

• The Petro emissions will be made through the page elpetro.gob.ve and will be controlled by the State.
• In the first instance, 38,400,000 "tokens" will be sold, which can be purchased from February 20 to March 28, 2018, this is practically a pre-sale of the virtual currency that would later be converted into Petros.
• On March 29, the initial offer of 44 million Petros would be made, and the sale would be extended until that amount is exhausted.
• The remaining 17,600,000 Petros will be retained by the Venezuelan government.
• Petros can only be acquired through dollars or other cryptocurrencies.
• The State will not be able to make new emissions of the cryptoactive. However, there is still doubt about whether other future issues will be made with other resources, such as diamonds, gold and gas.

Cited sources:
http://www.elpetro.gob.ve/
https://www.aporrea.org/

Monchox Analysis:

• The cryptocurrencies are born in the world to jump over national economies and that are part of a country's economy is counterproductive from the root. Therefore, Petro will be more of a cryptocurrency controlled by the state than a currency that is quoted according to the free market and the law of supply and demand.
• Venezuela does not have an electronic platform strong enough to support the electronic movements that are intended to be made with a digital currency. This without counting the constant electrical faults and the slow connection to the internet, even the connection to aba in Venezuela is considered one of the slowest in Latin America.
• To own petros, it will be necessary to have a virtual wallet (up to here everything is fine). But according to the Official Gazette N ° 6.346, in article 5: "the holder of each petro will own a virtual wallet, which will be of its entire responsibility, as well as all the risks associated with the handling and custody of it". We are talking about a petromoneda whose confidence value is based on national wealth (only oil today). What would happen if the government does not have enough oil to support the cryptocurrencies issued at the time? We would be talking about fiduciary money (like the dollar or the bolivar)
• The Petro is postulated as a financial tool available to all citizens. Which will be offered at the value of the oil barrel in dollars, DOLLARS!!. What is the percentage of Venezuelans whose salary is in dollars? How many Venezuelans can opt for a hundred-millionth (0.00000001) petros unit? If something is clear, this coin was not made for the ordinary use of the people, only for international use.

And you would dare to invest in Petros?

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