For the original article, please see here.
Venezuela is in the process of launching its own hard asset backed cryptocurrency, called the Petro. Announced at the end of 2017, the currency is meant to, among other things, prop up Venezuela's economy as well as to break up the global financial system's reliance on American dollars.
Here's a link to the whitepaper.
For those thinking that this is a good investment opportunity, let me give a few reasons why you are wrong:
Whatever money is raised likely will not benefit the Venezuelan people and will only help to prop up dictator Nicolas Maduro.
Buying the Petro means that you are relying on the same government that issued a currency with 440,000% inflation.
The whitepaper reads like a million other worthless ICO papers.
The currency resembles debt way more than it does a currency. You're essentially bailing out a corrupt government.
A major highlight of the whitepaper is a table showing the growth of Bitcoin, Ethereum, and Ripple from 2017 to 2018. If the Petro is tied to hard assets like oil, why would its price ever exceed the real price of those assets in any meaningful way?
I'm staying far away from this ICO and I would recommend that you do too.