Petro: the new cryptocurrency of Venezuela that Maduro has created

This has been announced by Nicolás Maduro, president of Venezuela. In the country bitcoin is very popular, as it has served many as a safe haven that not only has allowed them to keep their citizens the value of their money, but they have also won significant amounts of it. The country is currently in an inflationary spiral, where prices increase to the point that there are tickets in the country that are no longer useful, and where there are even problems printing the bills themselves.
Therefore, the creation of a cryptocurrency can tackle all these problems. This is how Maduro has informed that he wants this new Venezuelan cryptocurrency to be used to "advance in the area of ​​monetary sovereignty, make financial transactions, and overcome the financial blockade." Currently, the country suffers a lot of international sanctions by the United States.

The curious thing about this currency is that Maduro said that it would be backed by the country's gold, oil, gas and diamond reserves, which contrasts with the crypto currencies themselves, whose value is not backed by any central bank or entity. and they are decentralized. To manage the Petro, it was announced the creation of a blockchain observatory as an institutional, political and legal base, formed by a group of 50 people.

The bolivar is in an inflationary spiral
This case could even lead to the disappearance of a traditional currency and fiduciary money, as is the case of the bolivar, depending on the popularization of Petro. It also opens Venezuela to greater international instability. If the technique of attacking a country through hyperinflation is already widely known (the CIA for example has thrown hundreds of thousands of counterfeit bills in countries to destabilize its economy), with a cryptocurrency this process becomes even simpler. Using cryptocurrencies for worldwide use as bitcoin avoided this type of problem since it is not possible to destabilize Venezuela by its use.

Venezuela is currently facing a serious problem regarding the financing of its debt after creditors and other rating companies have declared the country "default" due to defaults on capital and interest for a few months. Although Venezuela maintains an official value of the bolivar around 300 dollars, this price is not real and does not reflect the one that really occurs in the streets and in the black markets. Analyzing the latter the bolivar has devalued 95.5% against the dollar in the last year.