It’s a mistake to call it cryptocurrency because cryptocurrencies don’t have backup, they’re moved by trust of people; plus it’s illegal in Venezuela according to the hydrocarbons law to put the oil reserves as a guarantee of any kind.
Maduro calls it petro and he says it’s a cryptocurrency, but people who knows better calls it a public debt because, for example, if I give you a piece of paper and I tell you that that’s a petro and I ask you to give me, let’s say, 60$, but what I have to give to you is a barrel of petroleum that I even haven’t exploded yet, that means that what I have with you is a debt, doesn’t it?. Plus the Venezuelan Congress didn’t even approved petro and I tell you something else, we Venezuelans can’t buy because you can’t buy it with bolivars, how crazy is that?
So people, don’t let the Venezuelan government fool you, they are just broke and looking for new ways to get money, the United States have banned the petro so you shouldn’t even be thinking in buying it. This country’s regime is illegal, don´t forget that they are dictators, drug dealers and people here die every day because they don’t have food, medicines, etc.
