Venezuela and Cryptocurrency

It seems Venezuela is looking to create its own #cryptocurrency backed by Oil and Gold called the "Petro"
Gold is known to be very volatile and oil coming from Venezuela is export with backdoor deals and corrupt politicians.

https://www.economist.com/news/finance-and-economics/21732148-and-it-could-allow-fellow-opec-countries-cheat-their-production-cuts

This could mean the start of a Country's elite looking to dip its hands into the market to take what they can.

https://sputniknews.com/analysis/201712091059853622-venezuela-financial-system-petro-cryptocurrency/

Especially how Venezuela went from being one of the richest economies in South America to the poorest with their currency valued at 4,000 Bolivar to $1 US Dollar a few years ago.
Many Venezuelans are looking to the Black Market to convert what they can for USD just to buy food and supplies.
This "Petro" Crypto does not seem that it will fare well in helping the Countries economy from its crisis.

https://www.reuters.com/article/us-venezuela-economy/maduros-cryptocurrency-to-fare-no-better-than-venezuela-itself-analysts-idUSKBN1DZ2W4