Venezuela launched an oil-backed cryptocurrency to help its collapsing economy.
The cryptocurrency is called petro, and Venezuela's president said the first day of pre-sales garnered over $700 million.
Venezuela is facing a huge economic crisis. CNN reports its national currency, the bolivar, is nearly worthless because of hyperinflation.
Critics have expressed doubt about the prospective success of the petro. The U.S. warned in January that investors who buy it "may be exposed to U.S. sanctions risk."
Plus, other cryptocurrencies — like bitcoin — aren't exactly known for their stability.
Additional reporting from Newsy affiliate CNN.
