PotCoin, the virtual currency dedicated to cannabis, sponsored by Dennis Rodman in North Korea

PotCoin is a virtual currency used by legal cannabis businesses, and exchanged on the web from person to person. PotCoins are stored in a virtual wallet that can be accessed on a computer, tablet or smartphone. Sending PotCoins is as easy as sending an e-mail. With this currency, you can buy anything and everyone can use them anonymously, just like Bitcoin.

PotCoins can be used in any country in the world. The account cannot be blocked, as there are no prerequisites or arbitrary limits. PotCoins are protected by thousands of computers using state-of-the-art encryption.

They came into being in 2014 thanks to Canadian Joel Yeffe, who wanted to invent a virtual currency to help cannabis dispensaries in the state of Colorado. These may not open a bank account due to the federal illegality of their business. But until this week, PotCoins weren't worth much.

Dennis Rodman sponsors PotCoin during visit to North Korea

In just one day, the dollar value of PotCoin doubled. The reason? PotCoin sponsored former Chicago Bulls basketball player Dennis Rodman's trip to North Korea. In this context, Rodman is hoping to do «something quite positive» to ease the growing tension between North Korea's capital Pyongyang and Washington. He has already visited the country 4 times and is known to be a confidant of North Korea's leader, Kim Jong Un.

Wearing sunglasses and a black PotCoin T-shirt, Rodman passed through customs at Beijing airport, from where he was due to fly to Pyongyang.

The Americans are considered enemies in North Korea, since the two countries never signed a peace treaty to officially end the Korean War in 1953. Moreover, 3 Americans are being held hostage in North Korea under Kim Jong Un's authoritarian regime. Thomas Shannon, the under-secretary of state for Reuters We wish Rodman the best of luck. But we have issued an alert and advise Americans against traveling to North Korea for safety reasons.« 

PotCoin made the most of its advertising campaign. A winning bet! As soon as the first images of Rodman and his PotCoin T-shirt were posted on social networks, the virtual currency skyrocketed in value. It is now breaking records, spurred on by the traders swarming around the booming virtual currency.

On his return, the American basketball player tweeted with two «Air Koryo» plane tickets and a «PotCoin» t-shirt to thank the company for sponsoring his mission.

I'm back! Thanks to my sponsor https://t.co/zBtIFz1QBr. #NorthKorea #PeaceAndLove https://t.co/G7t6PX3WV9

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- Dennis Rodman (@dennisrodman) June 13, 2017

Before Dennis Rodman's trip, one Potcoin was worth 10 US cents. Following his visit, the virtual currency increased by 50% and is now worth 15 cents. The value of PotCoin is likely to continue climbing in the coming days.

Little is known about the status of cannabis in North Korea, with some travelers reporting that they have been able to buy it in markets, and other experts claiming that it is classified as a narcotic, and controlled and considered like cocaine or heroin.

Mehdi Bautier