Venezuela will launch a pre-sale of its commodity-backed "petro" cryptocurrency on Tuesday.
President Nicolas Maduro hopes the country's own digital currency will help it to make financial transactions and get around Western sanctions.
Both the United States and the European Union have imposed economic sanctions on Venezuela over their opposition to its autocratic government. Last year, the Economist Intelligence Unit's Democracy Index downgraded Venezuela from a "hybrid regime" to an "authoritarian regime" due to its "continued slide towards dictatorship."
Venezuela's petro token will be backed by its oil, gas, gold and diamond reserves, according to the government. The country's cryptocurrency regulator said Friday that it would draw investment from Qatar, Turkey and other Middle Eastern countries, as well as from European nations and the U.S.
The petro will not be available in the Venezuelan bolivar initially. Venezuela's own hard currency collapsed as the South American state grappled with crippling hyperinflation.