President Trump bans United States use of Venezuelan cryptocurrency

David Smolansky a leader in exile of Venezuela’s opposition in Washington DC

David Smolansky a leader in exile of Venezuela’s opposition in Washington DC

The government has argued that the currency is backed by Venezuela's oil reserves, but USA officials dispute the claim.

What effect do you think Trump's ban will have on the Petro, and subsequently, on the Venezuelan government?

In the latest move by the USA government to restrict the Maduro regime's access to capital, President Donald Trump has issued an executive order banning any transactions within the us involving "any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela on or after January 9, 2018".

The administration said any investment in the so-called Petro digital curency should be viewed as "directly supporting this dictatorship and its attempts to undermine democratic order in Venezuela".

President Donald Trump banned US purchases of a cryptocurrency the Venezuelan government is rolling out, as part of a campaign to pressure the government of President Nicolas Maduro.

The US, meanwhile, has issued sanctions against various Venezuelan leaders and has called on Maduro to distribute aid to his citizens and stop blocking foreign assistance offered to Venezuelans.

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.

After historic delay, Merkel sworn in for 4th term as German chancellor
This way, nothing can interfere the formation of the government coalition. At least 35 coalition lawmakers was not in her support.

Maduro drummed up the petro as a way for his administration to tap foreign investment amid the initial wave of USA financial sanctions.

At the time, US lawmakers like Sens.

Mnuchin met with other finance ministers on Monday at the G20 conference in Buenos Aires to discuss the situation in Venezuela.

Commenting in a statement the US Treasury Secretary said: "President Maduro decimated the Venezuelan economy and spurred a humanitarian crisis".

In its own statement on Monday, Treasury said it was hitting the four current and former Venezuelan officials with sanctions that freeze any assets they may have in USA jurisdictions and bar Americans from doing business with them.

The announcement came after an executive order by the Trump administration that lists the cryptocoins among the items prohibited by a new set of sanctions on the South American country.

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