On paper, that all sounds ... well, not "fine," exactly, but less than completely terrible. However, a cursory look shows an alarming combination of bad execution and nonexistent technology. A few months after the Petro's debut, Maduro proudly announced that sales had already raised $3.3 billion. But no major crypto exchange platform sells it, there aren't any known shops that accept it, there's no public record of these alleged transactions, and of the 16 little-known exchange agencies "certified" by the Venezuelan government, half lack any form of online presence, and the others either refuse to share any information or outright deny their involvement.
In August 2018, Maduro made matters even more confusing by announcing that salaries, pensions, and even the exchange rate of the Sovereign Bolivar should be tied to the Petro. Meanwhile, the office of the Superintendent of Cryptocurrencies created to oversee the Petro doesn't appear to exist. Always a tad worrying for a government official. Oh, and the alleged five billion barrels of crude oil that are supposed to provide these virtual tokens with tangible value are lying untouched underground, and would require billions of dollars of work before anyone in the country could see the supposed benefits.
The whole thing is essentially a government-sanctioned scam. And that's somehow the best-case scenario, as economists argue that a functional official cryptocurrency would only make the country's hyperinflation worse. It turns out that if you want to help your flailing economy, you shouldn't look to "the power of imagination" as a business model.