We are on the exact same wave-length.
- A centralized digital currency will not work, so let's assume Maduro was correctly announcing a decentralized, blockchain based crypto with the intent of allowing Venezuelans (and the government) an ability to avoid the capital controls.
- And let's assume that they don't put trading restrictions on it.
- And let's assume that the Bolivar remains in the economy.
- And that domestic pricing systems are robust to having both the Petro and the Bolivar.
- And that simultanously they come up with a plan to allow everyone to feasible access the Petro (this last assumption is the least needed if all the other assumptions are true. The Bolivar-based assumptions are the most flexible).
With all those of assumptions, the launch and adoption Petro is a feasible outcome. Except. The Venezuelan government wants to back the Petro with natural resources and oil. What the heck does that look like under the system assumed above? How is is the government going to destroy a Petro that is traded in (or converted) into the backing good? Or will it simply hoard the Petro's and somehow have the discipline to not re-issue it into the economy? That's the part I keep getting stuck on.