Petro is just a debt bond disguised as crypto, to avoid the US/EU sanctions on potential US/European investors.
They claim to back their currency with their oil reserves, so they ask for money to exploit them, as PDVSA, marred with corruption, it's practically out of business because of it, and the Russians/Chinese need their money/debt paid. So, they need money from somewhere else. Goldman Sachs fell for that last year with those PDVSA bonds, and now they lost 30% of the value, and paying every 4 months, with Venezuela in default. Also, they're imprisoning high level executives from partner oil companies that reject to sign direct supply contracts - prone to corruption - accusing them as traitors.
Would you trust a government that is using everyone's money in their own discretion to buy their crypto?
It's not just a geopolitical issue (that i could agree on) but man, PETRO IS JUST A FUCKING SCAM COIN.
RUSSIANS HAD TO GIVE AN AWARD TO THEM BECAUSE IT'S THE ONLY WAY THAT VENEZUELA HAS A POSSIBILTY TO PAY THEM THE MONEY THEY MISMANAGED (STOLE)
More often, we’re told of Maduro’s “economic incompetence,” government “mismanagement of funds,” and “rampant corruption.”
BECAUSE THEY ARE CORRUPT. THE US IS NOT STEALING OUR RESOURCES. THEY ARE.
Btw, have I talked about socialism?
I invite you to do some research about Venezuela overall foreign debt. You will change your mind.