It is unusual this situation that we Venezuelans have to face now as a result of the recent measures taken by the Chavista-Madurista Government of Venezuela to eliminate Five (5) zeros to the currency, in a single stroke, but the worst thing is to hear people affected to the government applauding such measure, declaring that by being anchored the "New evil called Bolivar Sovereign" a Cryptocurrency like the Petro will help preserve its value. But what nobody does is that this is done because the Central Bank of Venezuela has no credibility, that is, it is an entity that no one trusts.
But the biggest drawback to this relationship or Bolivar Sovereign-Petroleum Anchor, is that according to the opinion of other more rational and conservative economists, the Petro is not the most suitable currency to back it up. is a Crypto currency of dubious emission and its use is restricted by the government of the United States. Besides that the Country would require to extract in the first place, all that oil that is in the Subsurface and in which the Petro is sustained; and the other thing is that Venezuela does not have the millions of dollars, which must be invested to carry out this extraction operation. It is a measure where the government seeks to create a favorable opinion matrix, but it really is an underhanded fraud.
The government pretends to say that it reduced the inflation index by reducing the five (5) zeros to the currency and, on the other, separating it from the existing and unequivocal relationship that the Bolivar has with the US dollar. But that will be an arduous task since this currency is still taken as an indicator of the value of the bolivar. . The best way to generate credibility would be for the government to release exchange controls and recognize the current market
According to the Economist. Luis Zambrano Sequin:
"Although the government has said that each Petro will be equivalent to one barrel of oil, the constituent document (white paper) indicates that its market value will be in bolivars. That is, the bolivar is based on something that in turn is based on the bolivar, which means complete nonsense. "The bolívar will be supported by something that nobody accepts, that does not circulate, that does not exist"