The US Treasury Department warned American investors that dealing in the new Venezuelan cryptocurrency may be considered a violation of sanctions imposed against Caracas by Washington.
"Available information indicates that, once issued, the Petro digital currency would appear to be an extension of credit to the Venezuelan government," the government agency spokesman explained, adding that the new cryptocurrency "could therefore expose US persons to legal risk."
He also invited other members of the Bolivarian Alliance for the Peoples of Our America-Peoples Trade Treaty to join in on this project.
According to Bloomberg, the new digital currency will be accepted by Venezuelan government as a form of payment for fees and taxes, and will also be employed by Caracas for international transactions.
About 38 million petros are also expected to be sold during a presale to institutional investors which is scheduled to begin on February 15 and is expected to net up to $1.3 billion.