The Petro Falls (6/7)

When Petro was finally released, the whitepaper made lofty promises but lacked specifics.

“The petro will be an instrument for Venezuela’s economic stability and financial independence, coupled with an ambitious and global vision for the creation of a freer, more balanced and fairer international financial system,” the paper’s authors wrote. It was planned to be used as a medium for daily transactions (like a fiat currency), as an investment vehicle, and as a digital platform to represent real-world assets, such as real estate.”

News reports claimed that the Petro would be backed by the countries petroleum but the whitepaper made no mention of this. People were beginning to mistrust Jimenez. Was this really a revolution or was this the ultimate state-backed rugpull?