Highly unlikely. There is a whole list of reasons why Petro won't be Venezuela's economical salvation but the the short and easy answer is that -
Petro is just another centralized cryptocurrency. The government that has failed to hold the economy together in a traditional system is likely to repeat the pattern of failure in a digital system. I am basing this argument on their past record.
From the very beginning the idea of Petro has been a way to circumvent the US sanctions. I am not saying that Venezuela shouldn't fight back for their right, what I am saying is that from the very beginning the intention of the Venezuelan government has been to use Petro as mere means of gathering financial support. In reality they should have let petro be a decentralized project backed by the people of Venezuela directly and not through a government proxy. This way the benefits would have belonged to the people directly.
Everyone in Venezuela has heard, read and discussed in some way what Petro is and the expectations it has caused both nationally and internationally. The latest news issued by the Venezuelan government has been encouraging, the pre-sale of the Petro has been closed for an amount of 3,338 million U.S. dollars (USD). The foregoing reflects the trust placed in this crypto currency, which will be dealt with below, in a simple manner, based on figures, trends and facts, from the analysis and perspective of a common person, addressed to anyone who feels concern and expectations about the historical fact that represents the emergence of Petro as part of the Venezuelan economic system.
Before the economic crisis that the country is going through, product of the economic blockade that incessantly hangs the people on foot, mainly, the Petro is glimpsed as the most appropriate measure that can be implemented, especially considering that this cryptomoneda is based from the political point of view in the sovereignty and from the economic point of view, in our most precious resources such as oil and our minerals.
Petro (PTR) is a crypto currency, which means grosso modo, which is digital and encrypted. This encryption is what gives it the necessary security so that it is not violated from a computer point of view. Then each currency is constituted by blocks of codes registered and encrypted or blockchain what gives it a unique identification preventing frauds by the possible modification of such blocks. Being thus a digitally transferred currency, it is the same that the user receives and keeps in his digital wallet is the chain of encrypted blocks, with a purchase value.
Moving from words to mathematics, perhaps it will be possible to better understand what Petro is as cryptomoneda.
The government has issued 100 million Petros, with a value equivalent to the price of 1 barrel of oil in the international market [2] In other words and rounding up, today it would be about 60 US dollars (USD) per PTR.
1 Petro is equivalent in turn, in 100000000 Menes, therefore, 1 Mene would be the smallest unit of the Petro. Understanding the Mene is as important as understanding the Petro, since, at the microeconomic level, it would be the most transacted unit at the level of minor purchases, even if the user does not see it directly as it will be presented next, relating it to key cases of our daily life.
Petro and Sovereign Bolivar
Coexistence is definitely vital and necessary. The Sovereign Bolivar would still be the currency of physical circulation, while the Petro would be its virtual backing, which is a way of calling it by its electronic nature, as mentioned above, however, we must not forget that its backing is a physical good, just as, if we study the origins of currency, salt (salary) or gold (some international paper coins (FIAT) still preserve the word gold, even when such backing does not exist).
Now then, in order to coexist with Petro, the Sovereign Bolivar must have a numerical or mathematical equivalence relation and such relation must, for the purposes of better management, be in a factor that allows it to be friendly in conversion, that is to say, be able to handle small units, be it called cents or cents and that for psychological purposes does not happen as at present, when millions of Bolivars are spoken of for common daily purchases. It may seem silly, but it is a point of view that is cause for discussion and confusion among the people today.
Based on the above, the national budget bases its calculation on an average oil price below the current market. In this sense, if the barrel of oil has been placed, for purposes of this discussion at 60 USD, the nation's budget would be below. In other words, Petro already has an implicit profit that salaried citizens will wisely know how to save!
Now, what happens if the price of oil rises to 100 USD per barrel? In this case, each employee would have a surplus of the equivalent in PTR of 40 USD, which he will be able to save or invest at his convenience. As mentioned before, having PTR is like having oil bonds. On the other hand, just as citizens would benefit, so does the state get paid for the increase in the price of oil, enough foreign exchange or PTR for social spending and investments in strategic areas.
What happens if the price of a barrel of oil falls below budget? There, the Macroeconomic Stabilization Fund would enter the scenario on the one hand, and on the other hand, the savings of each person made in times of prosperity.
Petro and Exchange Houses
Exchange houses would be a fundamental part of the Petro movement, which in turn moves the currencies from their equivalence to the price of oil in the market.
Keeping Petros in the portfolio is the best investment
I think it's good in order to first stop and monitor any corruption at any level in their economy. Venezuela has been hit really hard with the oil price and the crypto if is implemented properly can stabilize the whole economy. There will be new industries that could pop up.
Highly unlikely. There is a whole list of reasons why Petro won't be Venezuela's economical salvation but the the short and easy answer is that -
Petro is just another centralized cryptocurrency. The government that has failed to hold the economy together in a traditional system is likely to repeat the pattern of failure in a digital system. I am basing this argument on their past record.
From the very beginning the idea of Petro has been a way to circumvent the US sanctions. I am not saying that Venezuela shouldn't fight back for their right, what I am saying is that from the very beginning the intention of the Venezuelan government has been to use Petro as mere means of gathering financial support. In reality they should have let petro be a decentralized project backed by the people of Venezuela directly and not through a government proxy. This way the benefits would have belonged to the people directly.
Everyone in Venezuela has heard, read and discussed in some way what Petro is and the expectations it has caused both nationally and internationally. The latest news issued by the Venezuelan government has been encouraging, the pre-sale of the Petro has been closed for an amount of 3,338 million U.S. dollars (USD). The foregoing reflects the trust placed in this crypto currency, which will be dealt with below, in a simple manner, based on figures, trends and facts, from the analysis and perspective of a common person, addressed to anyone who feels concern and expectations about the historical fact that represents the emergence of Petro as part of the Venezuelan economic system.
Before the economic crisis that the country is going through, product of the economic blockade that incessantly hangs the people on foot, mainly, the Petro is glimpsed as the most appropriate measure that can be implemented, especially considering that this cryptomoneda is based from the political point of view in the sovereignty and from the economic point of view, in our most precious resources such as oil and our minerals.
Petro (PTR) is a crypto currency, which means grosso modo, which is digital and encrypted. This encryption is what gives it the necessary security so that it is not violated from a computer point of view. Then each currency is constituted by blocks of codes registered and encrypted or blockchain what gives it a unique identification preventing frauds by the possible modification of such blocks. Being thus a digitally transferred currency, it is the same that the user receives and keeps in his digital wallet is the chain of encrypted blocks, with a purchase value.
Moving from words to mathematics, perhaps it will be possible to better understand what Petro is as cryptomoneda.
The government has issued 100 million Petros, with a value equivalent to the price of 1 barrel of oil in the international market [2] In other words and rounding up, today it would be about 60 US dollars (USD) per PTR.
1 Petro is equivalent in turn, in 100000000 Menes, therefore, 1 Mene would be the smallest unit of the Petro. Understanding the Mene is as important as understanding the Petro, since, at the microeconomic level, it would be the most transacted unit at the level of minor purchases, even if the user does not see it directly as it will be presented next, relating it to key cases of our daily life.
Petro and Sovereign Bolivar
Coexistence is definitely vital and necessary. The Sovereign Bolivar would still be the currency of physical circulation, while the Petro would be its virtual backing, which is a way of calling it by its electronic nature, as mentioned above, however, we must not forget that its backing is a physical good, just as, if we study the origins of currency, salt (salary) or gold (some international paper coins (FIAT) still preserve the word gold, even when such backing does not exist).
Now then, in order to coexist with Petro, the Sovereign Bolivar must have a numerical or mathematical equivalence relation and such relation must, for the purposes of better management, be in a factor that allows it to be friendly in conversion, that is to say, be able to handle small units, be it called cents or cents and that for psychological purposes does not happen as at present, when millions of Bolivars are spoken of for common daily purchases. It may seem silly, but it is a point of view that is cause for discussion and confusion among the people today.
Based on the above, the national budget bases its calculation on an average oil price below the current market. In this sense, if the barrel of oil has been placed, for purposes of this discussion at 60 USD, the nation's budget would be below. In other words, Petro already has an implicit profit that salaried citizens will wisely know how to save!
Now, what happens if the price of oil rises to 100 USD per barrel? In this case, each employee would have a surplus of the equivalent in PTR of 40 USD, which he will be able to save or invest at his convenience. As mentioned before, having PTR is like having oil bonds. On the other hand, just as citizens would benefit, so does the state get paid for the increase in the price of oil, enough foreign exchange or PTR for social spending and investments in strategic areas.
What happens if the price of a barrel of oil falls below budget? There, the Macroeconomic Stabilization Fund would enter the scenario on the one hand, and on the other hand, the savings of each person made in times of prosperity.
Petro and Exchange Houses
Exchange houses would be a fundamental part of the Petro movement, which in turn moves the currencies from their equivalence to the price of oil in the market.
Keeping Petros in the portfolio is the best investment
I think it's good in order to first stop and monitor any corruption at any level in their economy. Venezuela has been hit really hard with the oil price and the crypto if is implemented properly can stabilize the whole economy. There will be new industries that could pop up.