While a lot is still unclear about Venezuela's state-backed "petro" token, what is apparent is that many feel it's potentially harmful for its people.
Venezuela officially has its own cryptocurrency – and its president wants some of the country's state-owned businesses to use it.
Venezuelan finance minister Simon Zerpa Delgado announced on Twitter that he visited Moscow to update Russian officials on Venezuela's petro currency.
The South American country's plan to launch its own cryptocurrency has sparked global headlines and a range of commentary on social media.
Venezuela revealed a new website for its petro token, releasing its technical white paper and telling potential customers how to purchase the coin.
Venezuela's government has reportedly launched the pre-sale of its controversial "petro" cryptocurrency, saying 82.4 million tokens are now available.
Venezuelan President Nicolas Maduro has proposed "joint cryptocurrency mechanism" for use by OPEC members and non-member oil producing states.
The president of Venezuela has said the pre-sale of the country's proposed oil-backed cryptocurrency will launch next month.
U.S. Senators Marco Rubio (R.-Fl) and Robert Menendez (D.-NJ) have denounced Venezuela's planned cryptocurrency in a new letter.