Will the "Petro", Venezuela's new crypto (launched this month) work? Would you buy it?

in #crypto3 years ago (edited)

Petro.jpg

Dear Steemit friends,

After Chavez, Venezuela got Maduro as a president, both managed to ruin the country... Now, Maduro is coming with a new twist as Venezuela's currency, the Bolivar, is beyond repair and Venezuelans have to bring about 20,000 Bolivares to buy a loaf of bread (it was 8,000 last week...).

His new idea is a cryto, the "Petro". The plan is to peg it to the country oil reserves and print 100 million units of this new digital currency. At today's oil barrel of $60, that should equate to ~$6 billion. At least, it is the plan.

Question to you, Steemit friends. Do you see this as a possible success for this country? And would you invest in it?

I am not planning to, but what about you? Also, I am not sure how it will help the Venezuelans (bread won't go down), as for government debt, yes, they might get some investors but how many? Today, they can't even pay on time the 3-4 foreign companies that print for them their local currency... the Bolivar.

http://www.dw.com/en/venezuelas-own-bitcoin-like-cryptocurrency-the-petro/a-42052601

https://www.reuters.com/article/us-venezuela-economy/enter-the-petro-venezuela-to-launch-oil-backed-cryptocurrency-idUSKBN1DX0SQ

Thoughts?

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