How viable is it that the petro, the cryptocurrency of Venezuela

First let's start by defining what is a crypto-currency; A cryptocurrency is a virtual currency that is used to exchange goods and services through a system of electronic transactions without the need for an intermediary. The first cryptocurrency that started operating was Bitcoin in 2009.
Unlike traditional currencies, this type of money only exists on the web, and its generation and storage is purely digital.
In December of 2017, the president of Venezuela announced the creation as soon as he gave details of what the new tool will be like with which he hopes to move towards new forms of international financing. Such currency would be backed by oil, gold, gas and diamond. From that moment began the speculations around this currency and among the interrogatives we found how viable the Petro can be to arrive to make a sustainable and trustworthy currency.
The main problem with this currency is confidence, economists and experts in the field are skeptical about the guarantees offered by the government theoretically, (the petro) would be backed by the raw materials of Venezuela but that raw material is already disposition of other state creditors. The only way for someone to give money to Venezuela, given their current economic situation, would be to give a privileged treatment ... To convince someone that the only ones who will charge in gold or oil will be those who have this cryptocurrency.
Other questions that arise are where will these assets be stored (oil, gas, gold and diamonds)? Who will guard them? Will they be in New York? In London? It is there that the State must prioritize the "honesty and transparency" to carry out a project like this.
Venezuela is not the first country to consider a project like this. States such as Russia, Estonia and Dubai announced this year their intention to launch digital currencies.

The difference is that, while these seek to give themselves an air of modernity, Venezuela tries to find a way out of an unprecedented crisis. That's why he's the only one who has offered to back the currency with an asset.

There are many questions still to be answered and many barriers. I would not be surprised if some of these announcements do not materialize because of all the obstacles that central banks have to do cryptocurrencies. The largest of these is to implement the cryptocurrency without causing a banking crisis. Coupled with this, the political instability that exists in the country generates a lot of distrust among investors who see the implementation of this cryptomoney with success as unlikely.
Expect to expect new guidelines on the operation, security and support with which we can verify how feasible will be the implementation of this cryptomoneda for the Venezuelan economy and for investors.