Trump bans Venezuela's new national cryptocurrency

TheMerkle Cryptocurrency Mining

TheMerkle Cryptocurrency Mining

US President Donald Trump has signed an executive order banning any transactions involving the US and Venezuela's digital currency created by the government.

Hardly a surprise - when Venezuela launched their official national cryptocurrency the "petro" last month, they openly admitted their goal was to use it to bypass global sanctions.

In August a year ago, Trump imposed a range of economic sanctions against Venezuela, citing human rights abuses, the establishment of an illegitimate Assembly, public corruption, and the ongoing persecution of the political opposition.

The sanctioned officials are Willian Antonio Contreras, the vice minister of internal commerce; Nelson Reinaldo Lepaje Salazar, who is acting as head of the office of the national treasury, according to the U.S.; Americo Alex Mata Garcia, an alternate director on the board of the National Bank of Housing and Habitat; and Carlos Alberto Rotondaro Cova, the former president of the board of directors of the Venezuela Institute of Social Security.

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. To see more, visit WLRN 91.3 FM.

The Venezuelan government has been the subject of increased pressure and sanctions from overseas, including the U.S. and the European Union, for allegedly electoral fraud, corruption and causing widespread poverty. "The PTR is another [example] of corruption, and we will come out of this crisis with measures that we have announced from this Parliament". "While Venezuela's attempt to issue a cryptocurrency is novel, there's nothing new about the United States restricting financial dealings with sanctioned countries", says think tank Coin Center executive director Jerry Brito, "Issuing a cryptocurrency is not going to help Venezuela escape sanctions".

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

Doing so could impact civilian Venezuelans, as well as the government, and could have a destabilizing impact on the entire economy in the Caribbean, not to mention a harmful effect on the USA economy as well, a US official told reporters Monday. The ban on the Petro in the United States makes it more hard for Maduro to raise funds, and the USA has been considering issuing sanctions on Venezuela's oil sector, the last industry propping up the economy.

Venezuela's government has been slowly running out of money for years.

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

Since the USA has sanctions against Venezuela, it makes sense that this executive order was issued because Venezuela would effectively be using petro to circumvent the sanctions.

"To what extent is the Department monitoring possible nefarious uses of other cryptocurrencies by Venezuela, Russia, and North Korea?" they wrote in a letter.

At the time, US lawmakers like Sens.

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