PetroMonero: Will the Bolivarian Cryptocurreny be a flop: My take on things.

As many of you know President Moduro of Venezuela is planning on introducing a national cryptocurrency called the PetroMonero backed by gold, oil, diamonds, and cocaine. Well never mind the last part, that is purely speculation. This currency will be pre-mined meaning they will be created out of thin air but mining the coin will still be a possibility. Reports state that all miners must register with the government, and yes this coin will be centrally controlled.

This already sounds like a dystopian version of what bitcoin set out to be, but here's my take on things. Without attributing to the political divide (left vs right) lets get some things straight here. Venezuela's citizens are starving due to sabotage, isolation from economic sanctions, and hyperinflation. This isn't an argument of capitalism vs socialism. This is a matter of what will help the average citizen take control of their future.

If the petromonero is stable and scam free, then maybe it is a foot in the door to the crypto world for a country in a dire situation. Maybe government oversight (Yes I cringe at that combination of words) is exactly what is needed to make sure that the petromonero is traded freely by its citizens. Forget your ideas about Moduro and socialism. some of the "best" capitalists the world would even be allowed to eat out of a dog bowl at my house (not unless they paid me enough). Maybe foreign interest will be just what the country needs to kick start the economy and get back to producing oil. Is Venezuela controlled by the infamous illuminati? i guess only the illuminati know that for sure. Either way keep your eyes on the petromonero because as of now, it is set to be released in an ambiguous timeline of 6 weeks.

I won't predict this currency going either way. It could be beneficial to Venezuelans, or even the entire world. It could be manipulated and set to tank as a bad example. It could be another pump and dump trap like ripple(XRP). Keep your eyes peeled because I don't think that the results of the petromonero will be the equivalent of opening flat soda.