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m3n4.net July 21, 2018


More Trouble For "Petro" As President Trump Bans The Venezuelan Cryptocurrency

24 March 2018, 12:20 | Tara Lloyd

Presidential Message to the Congress on Cryptocurrency Transactions with Venezuela

“No Petros Here” says Trump, Banning Venezuela's New Crypto-Currency

President Nicolas Maduro has said the cryptocurrency will help fight off the effects of US-led sanctions and is backed by the country's oil reserves. However, the democratically elected body of Venezuela have already called the Petro illegal.

Steven Mnuchin, the Treasury secretary, soundly criticized the attempt by the Maduro government to evade sanctions through the creation of a new digital currency known as Petro. USA officials say the country created the digital currency to circumvent financial sanctions on the economically strapped nation.

This month, Maduro said the government had received commitments from investors to purchase $5 billion worth of the cryptocurrency during the pre-sale phase that culminates this week.

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Venezuela is the first country to issue its own digital currency.

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. "Those who work to support the Maduro regime and provide it a financial lifeline have chosen their lot and should expect to face the full consequences of turning against their people".

The executive order does, however, beg the question if the same action can be extended to other more open cryptocurrencies that may be adopted by the Venezuelan government. Thus the citizens of Venezuela should not suffer much from this ban since Venezuelans are utilizing other cryptocurrencies to escape the awful policies of their government.

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Instead, he talks of "democratizing" access to global financial system for struggling entrepreneurs and decentralizing Venezuela's government-run foreign exchange system, which many blame for the economy's depressed state.

The new EO came on the same day that the administration implemented additional sanctions against the Venezuelan regime, this time targeting four former and current corrupt officials of that government.

Earlier today Trump issues and executive order that immediately "prohibits ... all related transactions, the provision of financing and other transactions by a person from the United States or within the United States, with any digital currency that has been issued by, for or on behalf of the government of Venezuela as of January 9, 2018", reads the order, announced by the White House.

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