At the end of last year Venezuela's Information Minister Jorge Rodríguez said at a press conference on state television, that the Venezuelan government would issue its own cryptocurrency and it would be only a matter of days. The name "Petro" would be program: The value of each unit should be covered by a barrel of crude oil. In addition, President Nicolas Maduro had announced on his weekly television show "Sundays with Maduro", other commodities such as gold, diamonds and gas should serve as collateral.
If the Petro in this form will be issued, it would be the first cryptocurrency whose value would be covered by raw materials. It would also be the first cryptocurrency issued by a state. Thus the Petro would be a novelty in two ways. The Venezuelan government is already celebrating as a pioneer. Russia also seriously thinks about its own crypto Rubel.
Venezuela needs a functional currency as the whole economy is in a state of total disaster.
Cryptocurrencies could take over the three main functions of money: as a means of payment, for value retention and as a unit of value. Currently they are almost pure speculation. However for Maduro the Pedro seems to be the last atempt to save Venezuela. God bless Venezuela!