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If they trade oil in that currency, count on action similar to what Venezuela is seeing right now. Threats to the petrodollar...

• gus_massa 8y ago
  The crisis is unrelated to the petro. Nobody in the word cares about the petro. Their main export product was oil and they nationalized PDVSA in 2007 and since then the production drop to a third of the original production, and the price of oil also drop a lot. And the other branch of the economy also had problems. The petro was a last ditch effort to do something when the economy was already collapsing, the prize of the dollar in the black market was much higher than the official prize of the dollar, and the inflation was high and uncontrollable. To understand the petro, you must ask the same question that is relevant in most of the ICOs: If they want to use a cryptocurrency, why they don't use BTC or ETH instead of creating a new one?