Venezuela got help from Russian Federation in launching petro

22 March, 2018, 02:05 | Author: Jason Torres
  • Christos Stylianides NewsEurope drastically increases aid for Colombia by Adriaan Alsema

The government in Venezuela, led by President Maduro, has been pitching petro as one of the key instruments to boost the country's crumbling economy, which has found itself at the receiving end of severe hyperinflation and devaluation for years.

The crisis has posed major challenges for governments in the region, who also worry that assistance to Venezuelans could increase the number of people leaving their country.

"People close to Putin, they told him this is how to avoid the sanctions", an executive at a Russian state bank told Time.

Venezuela's Petro cryptocurrency - a transparent attempt to circumvent sanctions through a forward sale of the country's oil - has sparked the anger of the nations that imposed those sanctions in the first place.

Green said Venezuelan President Nicolas Maduro's administration's political mismanagement and corruption were to blame for the humanitarian crisis. "This is how the whole thing started".

In what is certain to be the first crypto-related executive action taken by a USA president, the White House revealed Donald Trump's executive order to unconditionally ban all activities related to Venezuelan government-issued or related cryptocurrencies within the United States. Venezuela's currency, the bolĂ­var, has suffered from hyperinflation as a result of government mismanagement and United States sanctions.

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The US government's actions are believed to send a clear message to their counterparts in Venezuela.

Venezuelan President Nicholas Maduro tweeted that the government earned $735m on its launch day - a claim that has not been independently verified.

USA calls the digital currency an attempt by the Venezuelan government to "circumvent United States sanctions".

Cryptocurrencies could be an effective form of skirting sanctions.

OPEC-member Venezuela has fallen on hard times under Maduro and more Venezuelans are leaving as an economic meltdown worsens and opposition hopes of fair elections fade.

The U.S. Agency for International Development announced Tuesday that they will be providing $2.5 million in emergency assistance to Venezuelan refugees in Colombia.

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