PetroDollar (VEN): Can a State really do it? How viable is it?

The petro is a cryptocurrency (digital currency created by the government of Venezuela) and its credibility has depended on the security of the technological platform, as well as its independence from the Central Bank or the Government. If its issuance is centralized in a public entity and regulated by a Superintendence of Cryptocurrencies, there will be the fear that it could be manipulated in accordance with the Government's exchange, fiscal or monetary objectives.

As such there is no impediment for the state to create its own currency, but what it does make clear is that in this way the government recognizes that the national currency no longer has the sufficient value to be able to support the transactions nor the economic growth of everybody.

The reserves of oil and minerals can not be offered as a guarantee of a cryptocurrency, which will be of this China and Russia for example, are at risk of the cancellation of the debts that Venezuela has with these and more countries of the world; If the bolivar is backed by oil reserves and is no longer worth anything, do you think that the Petro, also backed by the oil reserves, will have value?

Venezuela is in international focus. The country suffers a severe shortage of food and medicines, there is an inflationary spiral, where prices increase to the point that there are tickets in the country that are no longer useful, and where there are even problems to print the tickets themselves, the economy has contracted in recent years and the country is on the verge of a default.

For all these reasons, it is very difficult for the petroleum to generate a confidence similar to that offered by the other cryptocurrencies that are not controlled by any Government or Central Bank.

What do you think?