I have read about Venezuelas cryptocurrency Petro. From the start i have wished it would fail. Maybe it is only a thing to get money from idiots. I dont understand why anybody would like to buy Petro. It is not oil backed like they want us to believe. There is a hard to understand formula in the whitepaper. That could be only for the price of buying. You will not be able to exchange Petros for oil. It is hard to know what is really happening. Most news sites only repeats what the Venezuelan government writes. If they say it is oil backup some people write that it is oil backed without think about if that is really true. The Petro is supposed to fund a lot of things. It is housing for the poor and some other things i have forgot. Venezuelan president have asked people to help with mining. The petro is pre-mined. I dont know what the miners are supposed to do. I doubt that much is happening with the petro. It is just the president talking a lot.