Maduro wins by a large margin
The end result is not out yet, but as it stands right now the result is:
|Nicolas Maduro||United Socialist Party of Venezuela||5,823,728|
|Henri Falcón||Progressive Advance||1,820,552|
Many claim electoral fraud and other opposition leaders asked their supporters to boycott the election, but as democracy is not outlawed yet in western countries (perhaps democracies should be outlawed ;) ), it is what it is...
According to the article from the Business Standard the Petro would start after the reelection of Nicolas Maduro May 20th. I guess they meant May 21st? But after the election might also be in the year 2021... so let's see...
Rumors of a Military Intervention
It was rumored that the US would intervene if Maduro was reelected, which would also mean the start of the Petro. The US already has said that they will not recognize the elections.
We will see if the US will remove the government now forcefully.
Venezuela is not part of the OECD's CRS - Future Crypto Tax Haven?
Venezuela is not one of the 92 countries which have agreed to exchange tax information on a global scale. Not sure if they would become a renegade state in the future which would allow tax evaders to park their money in an oil like asset on their 16 local crypto-exchanges with the Petro. Being completely isolated they probably do not see much of a difference.
But generally this would mean that Venezuela could be considered an enemy to those 92 countries and would give each of them a reason to want to remove the government there.
This would be a hardcore battle and interesting to watch but would happen in a few years, not immediately.
The venezuelan government can not be trusted. But theoretically the last condition, the reelection was met and now there is no excuse anymore to start their project, which is a very interesting experiment indeed.
The first state-created government cryptocurrency has green light. If those 16 locally approved cryptocurrency-exchanges launch by trading Petro against Bitcoin and other cryptos and there is no military intervention I think Venezuela actually might transform themselves in the medium-term.