The Venezuelan government is set to hold the first sale of what it claims is an oil-backed cryptocurrency known as the Petro on Tuesday.

Venezuelan President Nicolas Maduro announced the launch of the Petro in December last year. He says the new currency will be backed by the OPEC nation's abundant oil, gold and mineral reserves. The initiative comes as Venezuela struggles with hyperinflation and sanctions from the United States. Venezuela's traditional currency, the bolivar fuerte, has accelerated its free-fall as US sanctions make it harder to stay current on foreign debt.