Based on there being entries in the block explorer, it would appear they have a real coin now, though there's no downloadable wallet and you have to upload ID to them to see purchase options (no way in hell I'm doing that).

The coin has a premine of 100 million, which is based on the oil reserves, so I assume block rewards (for mining or for staking, both unachievable at present) will come from a pool set aside out of this 100 million.


Since the client code is inauditable I would say this is a really bad idea. First of all, they couldn't sell trading partners on this idea before -- what makes them think they're going to now? Unless their development team holds the hands of everybody willing to do this through the entire process (to make sure they do not lose their petros), I would think most countries are just going to avoid doing business with Venezuela altogether. Its kind of like a self-imposed embargo at this point.