Will Venezuela's new cryptocurrency Petro help the economy?

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Quite the contrary actually. Venerxuelans new cryptocureenty, the Pedro is going to completely destroy their economy much more than it has before. Firstly, remember that the Pedro is being backed by their oil reserves. The actually currency people use is backed by that Crypto currency and is what citizens use. However, due to the inflation that is happening, the president himself has banned any trading of the currency. Basically leaving the currency at a static value. This doesn’t make any sense and therefore can’t be called a currency in of itself, which a ton of senior officials have already said. The country is in a gigantic mess, but by adding this to the puzzle is just killing them. The president will have to allow it to be traded as the entire parliament? I don’t know the term they use, but they are completely against his idea. Once it is traded, it will plunge even more than it would’ve due to all the uncertainty that is being forced on it. Not to mention that if the oil fields that are pretty much already non existent as they sold a ton to Libya, gets depleted any further, the coin will have no backing. This will pretty much not only kill the crypto but therefore also kill the currency that people use.