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.

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"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.

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