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m3n4.net July 21, 2018


Trump bans Venezuelan cryptocurrency in the US

20 March 2018, 04:15 | Tara Lloyd

President Trump bans US use of Venezuelan cryptocurrency

Trump bans Venezuelan cryptocurrency in the US

He authorized Treasury Secretary Steven Mnuchin to implement whatever rules and regulations are necessary to enforce the executive order.

President Maduro has said each token will be backed by a barrel of Venezuelan crude. The country holds a "petro" cryptocurrency that is even controversial within its own countries' government. As stated at the time by government officials, Venezuela is seeking to use the cryptocurrency as a way to circumvent worldwide sanctions.

"President Maduro decimated the Venezuelan economy and spurred a humanitarian crisis", he said in a statement.

The 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 statement said.

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The Petro, which was made available for presale on February 20, is being used specifically to counter US -imposed sanctions and the economic war waged by Washington.

That the Trump administration would make such a move is perhaps unsurprising; several USA lawmakers have sharply criticized the petro, with Senators Bob Menendez, Marco Rubio - and, later, Bill Nelson - writing letters to the Treasury Department asking how it would protect American investors and prevent Venezuela from raising money.

It comes as the South American nation's political crisis continues to result in shortages of food, medicine, and other basic necessities across the country.

Trump issued an executive order proscribing "all transactions related to" the new currency, which is created to make up for a massive government cash crisis.

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We call on all people and governments to support peaceful debate and negotiations and to urgently and unequivocally denounce violent opposition, economic sabotage, biased media critiques, calls for foreign military intervention and regime change supported by USA rightwing politicians and the Trump-Administration State Department and military.

"The Petro is a desperate effort by a corrupt regime to defraud worldwide investigators", a senior administration official said on the announcement.

President Donald Trump took a step further in cutting off Venezuela's government from American investors.

Sen. Marco Rubio (R., Fla.) applauded Monday's action against Venezuela.

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