Absurd: Investors Can Only Trade Venezuelan Petro to Crypto if Bought in 2018

As Peter Todd, an applied cryptography consultant, previously said, a cryptocurrency’s purpose is to move money and audit it without permission. The Petro does exactly the opposite while employing absurd practices such as the implementation of a timeframe for trading and selling the Petro. If the Petro is a cryptocurrency, the government cannot have control over how and when users trade, send and receive the asset. The probability of the Petro succeeding, which cannot be considered a cryptocurrency and does not have any value behind it given that its initial promise on oil reserve backing remains unclarified, is very low. More…