The USA’s President Trump has officially banned the Petro Coin. This is actually encouraging and not unexpected. To me it speaks volumes that it can work but is working, otherwise there would be no point in banning it. Apparently it will also be possible to exchange Petro for the Russian Ruble. As I suspected I feel strongly that the initial funding largely consisted of China, Russia and Iran and that more support will be ongoing once the coin is launched.
As an investor I am a bit frustrated with this ICO (as I am with most these days) because it took way too long to find information about it and individual investors have been locked out. They really do risk alienating the audience they were targeting as I am getting frustrated and losing interest fast. However, the prospects for this first state backed coin remain high and will either boom or bust I predict. And there will probably be a lot more booming considering what is at stake and the support that Venezuela has.
If the US thought the Petro Coin would be worthless and had no hope of succeeding it’s unlikely they would ban it. Regardless of what we may personally feel, this is a strategic tactic by the US to stop the first country to try to evade sanctions placed on it. It will be another precedent if Petro succeeds and other sanctioned countries can freely trade in this similar way or ecosystem created by Venezuela.
Ironically Venezuela is helping to keep the cryptocurrency dream alive which is becoming your own bank and that no one has the right to freeze, take or prevent the spending of your money.