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.
Actually, not exactly. According to sociological research, only 20% are ready to leave for good (not temporarily) from their home country (if there is no threat of life - a war, an epidemic). It's psychologically difficult, no matter how difficult it was for residents to live there.
I understand oil will be sold only for Petro, and not for bitcoin. And the government wants to mine Petro, not bitcoin. They can make small taxes on mining of Petro, but they are huge for bitcoin mining. Thus, they will make bitcoin not profitable for the inhabitants of the country. (This is just my opinion and I don't want to offend the Venezuelans. I wish them wealth and prosperity.)
But I'm shocked by this news, honestly. I reread in various sources and still I sit with my eyes open. I can not even imagine how this can end.
