“Petro” Cryptocurrency Project

I think the idea of issuing a new cryptocurrency backed by Venezuela’s oil reserves is very interesting. The present state of the proposal may have some problems. But it’s a good start. For one, it probably can’t be worse than the existing currency of Venezuela. That currency is called the “bolivar fuerte” That means “strong bolivar” when translated from Spanish. This particular currency has a history of only 10 years. It replaces the original bolivar at a rate of 1000 to 1, so as to cope with inflation. Unfortunately, this “strong” bolivar has turned out to be very weak as well. The inflation rate is through the roof. And this currency is the least valued on the world based on black market exchange rates, and the second least valued based on the unrealistic exchange rate set by the government. Looking at the Petro whitepaper, we find that there will be 100 million units issued. But that number can be increased.…

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