That phrase is copied from the White Paper. You are wrong, $PTR is backed by oil assets and will be exchanged by its value in Bolivares. The mechanism is not in place yet, simply because the Petro is not even active yet.
You indeed copied the phrase from the white paper. That doesn't make it true. As I said: You are spreading the official propaganda around the petro. That it is supposedly backed by oil assests is central part of this propaganda. Only that the white paper shows it isn't. That the mechanism isn't in place yet is not the problem. The problem is that there is no mechanism foreseen. If there was going to be one it would have been the task of the white paper to describe it. There is none and there won't be one.
You can have personal opinions and invent things. In economic and legal terms FACTS are:
- The oil reserves of a part of the Orinoco Belt (for 5.342 billion certified barrels of oil) form the initial backing of the Petro and this has been made into law in Venezuela, months ago.
- The White Paper is the only official document that introduces the project to the world, so until there is evidence of something else, that is what we know. Anything else is an opinion.
- The mechanism to exchange Petros in Bolivares is not in place yet for a simple reason: there are no Petros yet.
Also, this argument against the Petro is really weak. Few will want to actually exchange Petros in Bolivares (that is not the interest of Petro investors and that is not the goal): the expectation is that Petro will actually be more valuable that its value in oil/bolivares, once introduced in the secondary market (exchanges) because of its adoption by millions of people and companies, in Venezuela and abroad. That's the real challenge. Petro could be the most used (I don't say not the most traded) crypto currency in the world at some point.