Why would Nicolas Maduro, the socialist dictator in Venezuela, allow for a cryptocurrency which can be exchanged for Bitcoin? Because as far as I can understand, the PETRO is going to be listed on all of your usual exchanges. This creates an huge Venezuelan-currency-leak of sorts into Bitcoin and cryptos, way easier than having to convert your worthless Bolivar papers into BTC.
Sure, many exchanges require KYC nowadays, but others don't. You have cryptopia, Livecoin, and many others in which you can trade alt-against-alt without any of the KYC nonsense. Not to mention actual decentralized exchanges thanks to payment networks are coming soon thanks to the lightning network.
So how isn't this going to end up in Venezuelans dumping PETRO for BTC? because anyone with a brain would do that, then try your hard to escape the Venezuela shithole and get your BTC on any country of your choice.
Well the coin is backed by billions of barrels of oil. So you'd assume that the price of each token would have some correlation to oil price. In saying that, I don't think that this currency is designed for his people. It's designed to get money to come in and bring economic growth. Unless he dumps it all and trolls us all.