To start with, let’s make it clear, what Petro is:

The Petro is the first cryptocurrency ever backed by a State, according to the official website. The first. Ever! And this is so controversial and groundbreaking that is totally worth knowing about.

Venezuela is the country that had it’s currency lose 99,99% of value the past 6 years. Inflation is reaching unbelievable highs and the economy is in terrible condition. El Perto is supposed to fix economic problems. This cryptocurrency is supposed to be used as means of payment inside the country, for deals with the state petrol company PDVSA, to attract new forms of international financing and as the way to get around the US sanctions.

Read more: https://coinatory.com/2018/10/08/petro-cryptocurrency-opinion-long-read/