First Public Offer of Venezuelan Cryptocurrency Begins

Presidential Message to the Congress on Cryptocurrency Transactions with Venezuela

Presidential Message to the Congress on Cryptocurrency Transactions with Venezuela

The government of Venezuela got help from the Russian government officials and businessmen in launching the petro token, Time reported on Tuesday.

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.

As reported previously, Venezuelan president first announced the 'Petro', a digital currency backed by Venezuela's massive oil reserves as a means to combat U.S. sanctions and the financial blockade, earlier in December.

Because of the nature of Venezuela's political relationship with the U.S., economic sanctions were placed on the country and American investors were barred from offering funding for any opportunities in the country.

Treasury Secretary Steven T Mnuchin said on Monday that the USA ban is aimed at "restoring Venezuelan democracy, combating the kleptocracy of the Maduro regime, and responding to the humanitarian crisis caused by Maduro's economic policy".

Undermining U.S. sanctions is reportedly what piqued Russia's interest in the project. According to report, the US President Donald Trump ban any US citizen from dealing in Petro.

Presidential Message to the Congress on Cryptocurrency Transactions with Venezuela
Trump EO Bars US Purchases of Venezuelan Petro

The two, however, were not the top Russian authority to back Maduro.

"So Russia made its stronghold here in Venezuela", Armando Armas, an opposition member of Venezuela's parliament, the National Assembly told Time. Andrei Kostin, the head of the second-largest state-controlled bank in Russian Federation, said in a speech last month that "the reign of the dollar must end".

The executive order, signed by Trump on Monday, prohibits all United States transactions in digital currencies that benefit the Venezuelan government.

"Investing in the Petro should be viewed as directly supporting dictatorship and its attempts to undermine the democratic order in Venezuela".

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.

Israel confirms strike in Syrian nuclear site
However, Barak claims he delayed the operation so that the Israel Air Force could mount the best possible orchestrated attack. The International Atomic Energy Agency said in the past that the site was "very likely" to have been a nuclear reactor.

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