Venezuelan petro cryptocurrency ... a falsehood or a success

Opening this debate in relation to the PETRO cryptomeda for an in-depth study and debate of it, starting with the announcement of the launch of the petro, is a stage full of doubts, inconsistencies and uncertainties, which is a challenge for the study of the subject. However, the Venezuelan government has announced that the petroleum is specifically backed by extra-heavy crude reserves of the Orinoco.

According to the news, there are millions of barrels of certified reserves in the Orinoco belt, at the rate of one petro for each barrel, so that this number of petros could be issued with support. In fact, the reported reference cost for a unit of Petro is $ 60, close to the price of the Venezuelan oil basket reported by the same government. That is, according to this, if you invest in a petro, you have the guarantee that there will be a physical oil barrel sustaining it.

So far everything seems to have a certain logic. A government without credibility, whose legal currency - the bolívar - undergoes a hyperinflationary process (of more than 80% of monthly inflation) and an accelerated decrease in the parallel market, which jointly has fallen in default of some of its bonds (which value in the market with discounts that are around 80%), knows that if it issues another currency, without a different support than the depleted international reserves of the BCV, will be the same fate as with the bolivar. But now we expose these doubts does the petro really have support in barrels? How reliable and safe is the petro? Also According to Santiago Castro, president of the Association of Banking and Financial Entities (Asobancaria) warned that:

Taking into account the last paragraph, we would take into account how speculative this currency would become if the current government is engaged in conducting oil barrel sales transactions with the petroleum, based on its demand and supply, could play a global economic role that it frames a new global policy of buying and selling crude oil through a cryptocurrency.

It should also be considered that the figures for purchase offers of the petro only owned by the government and are not public, therefore, this release is not reliable until proven otherwise.

It is important to highlight also what would happen if the success of the launch of this cryptocurrency is a reality? It will be a reality that the economy will improve with this financial strategy, oil has had a favorable increase in its prices, so this currency will be favorable for the sale of Venezuelan crude, are strict objections that I leave for this space and I hope your opinions and debates.