Dupe, plus a more informative article is linked in the other thread: <a href="https://news.ycombinator.com/item?id=17799490" rel="nofollow">https://news.ycombinator.com/item?id=17799490</a>
techcrunch is pretty low on details here. The sources that wikipedia cites on the subject are:<p><a href="https://www.bloomberg.com/news/articles/2018-08-20/here-s-what-maduro-has-said-of-venezuela-s-petro-cryptocurrency" rel="nofollow">https://www.bloomberg.com/news/articles/2018-08-20/here-s-wh...</a><p><a href="https://www.theguardian.com/world/2018/aug/20/venezuela-prepares-to-devalue-currency-amid-fears-it-may-worsen-crisis-bolivar" rel="nofollow">https://www.theguardian.com/world/2018/aug/20/venezuela-prep...</a><p><a href="https://news.bitcoin.com/venezuelans-to-be-paid-at-least-half-a-petro-a-month/" rel="nofollow">https://news.bitcoin.com/venezuelans-to-be-paid-at-least-hal...</a><p>Notable details:<p>They claim they will allow the price to fluctate. The minimum wage will be 0.5 Petros. The inital price for 1 Petro is 3.6k sovereign bolivars
I've written about this twice now. No one in the oil/gas industry is buying (no pun intended) the idea that Venezuela's Petro is anything but a sham.<p>I mean for crying outloud it's a commodity-backed cryptocoin on a private chain run by a country. How is that anything near the definition of a true cryptocurrency?
Trump actually signed an executive order banning American's from purchasing the cryptocurrency.<p><a href="https://motherboard.vice.com/en_us/article/59jzyn/president-donald-trump-signs-executive-order-banning-venezuelas-petro-cryptocurrency-maduro" rel="nofollow">https://motherboard.vice.com/en_us/article/59jzyn/president-...</a>