Despite the negative relationship Venezuela has with the US, many are still working to help the country's economy through cryptocurrency.
The U.S. executive branch issued an executive order prohibiting the use or purchase of Venezuela's Petro cryptocurrency, claiming the currency was issued unlawfully in an effort to circumvent U.S. sanctions against Venezuela
Officials in the troubled South American country hope the latest initiative will boost international investment.
Venezuela's government has said cryptocurrency mining is now "completely legal" as it plans the presale of its Petro coin for next month
The U.S. Treasury Department warned that Venezuela's proposed "petro" cryptocurrency could violate sanctions against the OPEC nation's socialist government, a statement that could dent investor appetite for the soon-to-be-launched token
Petro cryptocurrency to be backed by oil, diamonds and gold reserves