The Venezuelan parliament has enacted sweeping reforms that made the use of the country's oil-backed cryptocurrency, Petro, legal tender—at least in Venezuela.
One of the world's largest cryptocurrency exchanges, Bitfinex, has refused to list the first cryptocurrency backed by Venezuela's crude oil reserves, Petro, in its platform.
The U.S. Treasury announced that the Office of Foreign Assets Control (OFAC) will begin adding cryptocurrency addresses to the Specially Designated Nationals (SDN) List.
Russian billionaires reportedly advised Venezuelan President Nicolas Maduro in his efforts to create petro, the first state-backed cryptocurrency in the market.
Things appear to have only gotten worse for Venezuela after U.S. President Donald Trump signed an executive order on Monday, banning all forms of cryptocurrency issued by the country.
In Venezuela, people are being called upon to build cryptocurrency mining farms throughout the country.
The country, home to just 70,000 people, is poised to become the second country after Venezuela to launch a state-backed cryptocurrency.
A total of 82.4 million petro tokens are offered for the pre-sale phase, according to the cryptocurrency's white paper.
Questions were raised about the actions of Venezuela in preparing to launch a cryptocurrency backed by the country’s oil resources.