That's pretty awesome. Venezuela is pretty unique because it's essentially an entire country demonstrating a Bitcoin use case. Their fiat is collapsing and Bitcoin is currently a perfectly legal and convenient way to escape it. It sucks that the country is in the shape that it's in, but it's good that people are finding a real-world use for Bitcoin I suppose.
They seem to be pushing Petro quite aggressively though, and them banning the competition in the future is quite a real possibility in my opinion. I guess we'll see though, as their government clearly believes that accepting crypto will help their economy improve.
Yeah, it is really awesome and I hope things get to improve in a very good way for their economy based on how some other countries in the same shoes where inflation has really dug so deep in the system. Still, based on the stuff you raised, it would actually be very insane of the government to think they would want the petro currency to just be the only currency in circulation within the country without considering how that would even affect them negatively.
It is good the way they are allowing things to be for now, as over time, i am sure they will get to see the impact themselves, and if lucky for them, petro ends up growing in value, good for them but I want to believe the petro will not make much impact as it is still centralized anyway, so what makes it different from experiencing the same fate as the fiat system ?