The official presentation of PETRO as a Venezuelan cryptocurrency by the Venezuelan state has already been public domain, the media have been different from the official information, much has been said about this new electronic currency system, as well as its benefits and its criticisms. The Wikipedia portal already reflects concise information and refers it in this way:
"The petro (stock market symbol: PTR) is a cryptocurrency or Venezuelan digital currency based on the block chain technology backed by the reserves of various natural resources of Venezuela such as oil, gold, diamonds and gas. Petroleum would be backed by a barrel of oil from the Venezuelan crude oil basket, it would be a partially pre-mine currency with future mineable emissions "
According to the version of wikipedia we can emphasize that this electronic currency comes to represent a novel alternative for the Venezuelan financial system, since this, always was conditioned by the American Dollar pattern, thus opens a foundational challenge for the State and society Venezuelan to lead and build through these economic policies the full financial sovereignty. The official Petro website http://elpetro.gob.ve/ reflects the information in this way:
"The PETRO (PTR) will be backed by the Bolivarian Republic of Venezuela and the wealth of its large reserves of crude oil, and more importantly, the Petro has been created in an innovative way, using the highest standards in block chain technology and security of the information and thinking about a future where the electronic representations of assets facilitate a more direct commerce between emergent nations as well as the work of State in the frame of a true financial and economic independence "
Thus by contrasting these two versions we can infer that the Petro (PTR) is based on real wealth, something very attractive for investors and creditors who feel motivated to enter this new business, only the good administration and execution of this great draft.