I'm very curios to learn more about technical details of this upcoming coin. I really doubt that any government in the world would issue a true, decentralized and permissionless cryptocurrency, so this Petro is most likely to be a payment system akin to PayPal. But it may not mean that it will fail immediately, because even today we have many centralized "cryptocurrencies" like Ripple and Iota and investors doesn't really seem to care about it as their marketcaps have grown past those of real cryptocurrencies like Litecoin or Monero.
As one of the pioneering state-issued and controlled cryptocurrency, Petro has a good chance to survive but I really doubt its future since this currency has no choice but to be pegged on the economy of Venezuela. I understand they are trying to deflect this connection by tying it with the vast petrochemical resources which the country really has. Well, let's see what can happen with this centralized cryptocurrency. I am wishing them well. Once Petro can be successful, am sure other countries would be thinking of also issuing their own digital notes.