Trump bans United States use of Venezuelan cryptocurrency

Jorge Rodriguez

Maduro says that Venezuelan Petro, backed by 5 billion barrels of the country's oil "will allow the country to break the ties of the (U.S.) dollar and will ... create a prosperous economic and production system" in Venezuela.

Prior to this, the Trump administration was actively exploring options to sanction Venezuela's oil sector.

The Trump administration has alleged that the petro is merely an "attempt to circumvent USA sanctions".

A senior administration official told reporters: "The Petro is a desperate effort by a corrupt regime to defraud global investors". Not only did the US Senate took strong objection to it when petro went for a pre-sale, but a section of Venezuela's own lawmakers have been publicly denouncing it as "illegal."

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.


Venezuelan President Nicolas Maduro issued a statement saying the unilateral sanctions violate the U.N. Charter "and the most elemental principles of worldwide law".

"It's not going to be easy to execute", Cabello said in a press conference in Caracas.

Last month, President Nicolas Maduro said the new digital currency exists to strengthen Venezuela's "monetary sovereignty, to make financial transactions and overcome the financial blockade".

21 de marzo de 2018, 17:42Caracas, Mar 21 (Prensa Latina) The Minister for University Education, Science and Technology, Hugbel Roa, announced today the beginning of the first public offering of the Venezuelan cryptocurrency Petro. Sources told Time that the aim of the petro was to erode the power of U.S. sanctions. Its value is tied to the nation's oil reserves and is meant to be used to pay taxes, fees and other public needs. In a statement, Maduro suggested that the USA sanctions were a violation of the United Nations Charter.

The USAID announcement follows a visit by the former Secretary of State Rex W. Tillerson to Colombia, where he met with Colombian President Juan Manuel Santos to discuss Plan Colombia and the crisis in Venezuelan.

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