Venezuela was sanctioned by the US government during 2017, banning any US bank or investor from acquiring new debt emissions issued by the country. The US treasury has warned investors about the legal risk to approach the Petro, since it might be considered as an extension of credit to the Venezuelan Government.
Meanwhile, Venezuela’s opposition-run parliament disproves the new cryptocurrency, describing it as illegal and unconstitutional. The parliament also warns investors that the asset would become worthless once Maduro leaves the office. Elections will take place this April and Nicolás Maduro is running for re-election. The outcome of the elections will play a major roll on the future of the Petro.
The Petro was already one of the most controversial cryptocurrencies before its launch. Only time will tell how successful this project ends up being.
How volatile will it be compared to traditional cryptocurrencies like Bitcoin or Ethereum?
That's just a new way for them to steal all the money they can before leaving the government. (if they leave, of course)
The problem with government issued crypto-assets is that they can function as tools for corruption. Most Latin American governments are known for their high corruption rate.
Elections are coming in your country, lets aim for a positive outcome.
There isn't a "positive outcome" :(
Is it really not possible to emigrate? ):
The US are concerned that the sale of Petro is being carried out in order to raise funds that will circumvent financial sanctions that have been imposed on the controversial state. Others have labelled the ICO a pre-sale of oil, which will cause issues in the near future. This is primarily because some of the oil that is being used as backing for the ICO is yet to be mined: Controversial Venezuelan Pre-Sale For Petro Goes Ahead
While the country has the largest oil reserves in the world, 100 million barrels would represent around 12% of its annual production. Committing this amount of their main economic asset is not only unlikely, but also extremely risky for the already wrecked Venezuelan Economy.
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