Time Magazine reported Tuesday that the Russian government helped Venezuela develop the petro cryptocurrency with the support of Vladimir Putin.
A politician from Venezuela's ruling party has denounced U.S. sanctions against the petro, as the sale of the token opens to the public.
A report Monday indicated that US President Trump might sanction Venezuela and its petro token.
Florida senator Bill Nelson has denounced Venezuela's petro token and asked how the U.S. Treasury plans to enforce sanctions.
The Brookings Institute warns that the petro will undermine both international economic sanctions and truly decentralized cryptocurrencies.
A lawmaking body in Venezuela is moving to denounce the country's forthcoming petro cryptocurrency, spearheaded by President Nicholas Maduro.
Venezuelan president Nicolas Maduro said the government has received 171,000 certified purchase orders for the petro, most of them from individuals.
The latest awkward use case for cryptocurrency is funding rogue states led by egotistical dictators. The world may just have to live with this.
A U.S. senator who has previously spoken out against Venezuela's newly launched "petro" cryptocurrency isn't done with the issue.