Will Venezuela be able to solve part of its economic problems by introducing this new cryptocurrency, the petro?
No, it won’t.
The main problem with the venezuelan economy is the lack of production mixed with inefficiency and corruption of the Venezuelan economic system. The goverment trusted the entire economy on the oil production and exportation and their are not longer producing anything else. Everything that comes into the country is imported which helps a lot to the hyperinflation problem.
Short answer: No, it won’t.
Long answer: The problems with the Venezuelan economy go beyond the solution of the introduction of a parallel currency, as a matter of fact, the emergence of this cryptocurrency (and other parallel currencies such as the “panal” used in some rural areas) is due the hyperinflation. The bureaucracy, inefficiency and corruption of the Venezuelan economic system dooms petro’s future as a viable way to fight hyperinflation and it’s most likely a scheme from the government to laundry money.