Is Petro a viable cryptocurrency ?

As you are reading in the title, is Petro a viable cryptocurrency ?. At first glance we can say no, but in order to know the answer of that question, according to experts, is the most adequate regarding this issue, we must first know what Petro is and some basic tips that will help us to understand this article.

What is Petro?

The Petro defines itself as a state-controlled Venezuelan cryptocurrency which is in the process of being created and will have physical backing: the national reserves of gold, oil, gas and diamonds.

What advantages can it offer?

The Petro offers an alternative to evade the economic blockade imposed by the United States, this being one of its main uses. In turn, Petro can attract the attention of many international investors and, of course, the national public.

Its biggest disadvantage is ...

In the event of a financial crisis, the population would prefer to take their money out of commercial banks and place them in a central bank, which in turn would cause a banking collapse that would undoubtedly take the whole of the country's economy to its side.

So ... Is this Venezuelan cryptocurrency really viable?

The most common and spontaneous answer would be no, but if we start to analyze the uses that the State can give it, it would be very profitable for them. If the Venezuelan government forces countries that buy resources to invest in their cryptocurrency and in turn provide some benefit, it is likely to grow more than expected because, as is commonly said, the key to making a cryptocurrency viable is that someone else gives you value as a bargaining chip and dares to use it.

Sorry for my English if you find an error in the previous text.

Information sources:

http://www.bbc.com/news/world-latin-america-42217798

http://money.cnn.com/2017/12/04/news/economy/venezuela-cryptocurrency/index.html