USA bans transactions with Venezuela's digital currency

20 March, 2018, 04:44 | Author: Jason Torres
  • Venezuela Colombia exodus

President Donald Trump issued an executive order on Monday banning us citizens from trading in Petro, the new cryptocurrency developed by the Venezuelan government.

But there are more reasons why the petro is a scam.

For those persons whose property and interests in property are affected by this order who might have a constitutional presence in the United States, the President finds that because of the ability to transfer funds or other assets instantaneously, prior notice to such persons of measures taken pursuant to this order would render those measures ineffectual.

"It's a pretty big blow".

USA officials say any other cryptocurrencies created by Venezuela's government in the future will also be subject to the ban, which took effect immediately.

Venezuelan President Nicolás Maduro developed the Petro, which can be purchased through USA dollars and euros, as a way to combat the country's hyperinflation, which is expected to reach 13,000% in 2018.

Trump's order bars "all transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, any digital currency, digital coin, or digital token", issued by Venezuela's government since January 9, the White House said in a statement.

To reinforce this, Trump has ordered Treasury Secretary Steven Mnuchin to issue any regulations required to enforce this ban.

Zeal for Xi Jinping across China's media
Japanese Emperor Akihito wished Xi good health and China prosperity. The newly elected also took a solemn oath of allegiance. This is published unedited from the PTI feed .

"We have many options for Venezuela, including a possible military option, if necessary", Trump told reporters, also last August. Citing the conduct of the Maduro regime, including its crackdown on protesters, the White House put economic sanctions that, among other measures, suspended U.S. businesses from trading in Venezuela's debt. Further sanctions could be a potentially crippling blow to the Maduro government, which depends nearly exclusively on oil sales to sustain what's left of the country's economy.

"The Vice President will call on all members to increase pressure on the Maduro regime to restore the country's democracy and address the humanitarian crisis unfolding in Venezuela", Pence's spokeswoman, Alyssa Farah, said Monday in a statement.

The Venezuelan government reiterated that its invitation to any worldwide organization, especially the United Nations, that wishes to observe the upcoming May 20 presidential elections in the Bolivarian country.

Deeming the launch of the petro-backed in principle by Venezuela's vast oil reserves-a success, the president has since said he plans to create another gold-backed version of the cryptocurrency in an effort to attract funds that the country badly needs to overcome food shortages and plummeting oil production.

Download the Nigeria Today app from Play store.

Do you have something awesome to share with the world?

This post was syndicated from NewsBTC.

Hello. Add your message here.

Recommended:



Popular

Major Retailers Discuss How Trump's Anti-China Tariff Plan Could Hurt Americans
The US trade deficit with China ran to a record $375 billion past year - but US exports to the country were also at a record. Washington could impose more than $60 billion in tariffs on goods ranging from electronics to apparel, footwear and toys.

Who had the better shot, Jordan Poole or Trey Burke?
Cougars players walked off the court in stunned silence after watching Poole's shot swish through the net. With a spot in the Sweet 16 on the line, MI found themselves in a huge dogfight with Houston.

Showdown Awaits As Stars Shine At Bay Hill
American Talor Gooch was third on 135 with South Korean An Byeong Hun fourth on 136 and American Charley Hoffman another stroke adrift.

Signatories to Iran nuclear deal meet in Vienna amid Trump's threat
Russia, another signatory to the deal, has said the agreement will collapse if one party withdraws. Trump stated, "When you look at the Iran deal, I thought it was awful , he thought it was OK".

IDF Soldiers Killed, 2 Injured In West Bank Car Ramming Attack
Two explosive devices were detonated Thursday along the border, which had already provoked Israeli attacks on Hamas positions. Israel withdrew its troops and settlers from Gaza in 2005 but maintains tight control over the enclave's land and sea border.

New York Jets trade up to #3 overall with Indianapolis Colts
Credit goes to Ballard for being able to pull off the trade because he knew there are several teams starving for quarterback help. After missing out on Kirk Cousins , the Jets re-signed Josh McCown and added free agent Teddy Bridgewater .

Mystery Surrounds How Ex-Russian Spy Was Poisoned in UK
The leaders say the use of a chemical weapon is "an assault on United Kingdom sovereignty" and "a breach of worldwide law". It is entrusted in the United Nations Charter with upholding global peace and security. "This is a defining moment".

Llamas have arrived in Fortnite Battle Royale v3.3
What do you want to see from competitive play? You can't buy your way to success like in other games, EA we're looking at you. We believe Fortnite is growing the overall gaming TAM [total addressable market], but some cannibalisation is likely'.

Federer stretches perfect start to 16-0
The Croat advanced to his first Masters semifinal after outlasting Kevin Anderson 2-6, 6-4, 7-6 (3). Chung is not the only Asian tennis star on the rise at Indian Wells .

Alabama Crimson Tide vs. Villanova Wildcats Odds, March Madness Betting Pick
No. 9 seed Alabama will face No. 1 seed Villanova , which defeated No. 16 Radford, in the East Region's second round at 11:20 a.m. Alabama is hot with freshman Collin Sexton leading the way, but Villanova is just a class above, talented and battle-tested.