Petro: The Venezuela's Government Scam Cryptocurrency - Part II

Why The Petro Is considered a Big Scam?

The Petro could be the worst investment in history. There is not even a clear functioning behind this government cryptocurrency. You cannot "mine" new Petros as in the case of Bitcoin. They can only be bought from the Venezuelan government. And although it is true that he says he is going to establish a system to change this, he does not even explain how it would work.

There is an interesting fact about the Petro, it can only be acquired if you have dollars, not Bolivares fuertes, which means that the Venezuelan people are not allowed to buy them. That's because the years of deprivation have left very few dollars for Venezuelans to access.

Economists and experts in virtual currencies give this cryptocurrency low probabilities of growth because, unlike currencies like Bitcoin, this would give the dictatorship another measure of control, a situation that goes against the most basic concepts of a successful virtual currency.

As the Petro is created, it is to distrust since, in principle, Supposedly the state cryptocurrency, will be supported by 5342 million barrels of crude oil, but as a further incongruous, it will not be allowed to change for the assets that supposedly support this currency. The Venezuelan Constitution reserves the oil activity for itself.

Check out my previous post about the Petro here: Part I