Trump has banned Venezuelan cryptocurrency in the US

Trump has banned Venezuelan cryptocurrency in the US

President Donald Trump on Monday signed an executive order barring any US-based financial transactions involving Venezuela's new petro cryptocurrency, as United States officials warned that it was a "scam" by President Nicolas Maduro's government to further undermine democracy in the OPEC country. "Instead of correcting course to avoid further catastrophe, the Maduro regime is attempting to circumvent sanctions through the Petro digital currency - a ploy that Venezuela's democratically-elected National Assembly has denounced and Treasury has cautioned USA persons to avoid".

It seems as if President Trump has thrown a cog in the apparent billion-dollar machine that is Venezuela's Petro.

Opposition leaders said the sale constituted an illegal issuing of debt, while the US Treasury Department warned it may violate sanctions imposed a year ago. "The PTR is another [example] of corruption, and we will come out of this crisis with measures that we have announced from this Parliament". The Venezuelan government often blames the sanctions for the country's economic crisis. The Venezuelan government has stated that it guarantees that it will receive the Petro as a form of payment for national taxes, fees, contributions and public services. The country has the largest proven oil reserves in the world and was once one of the richest and most promising nations in South America. First, the government claims that each petro is backed by the value of a barrel of oil, which as of today in worldwide markets is about $60.

Even without those sanctions in place, who would lend money to a government that manages an economy in free fall and with no ability or willingness to make the necessary fixes?

Fate Of Nuclear Deal Thought To Be Uncertain With Tillerson's Ouster
Iran maintains that it must have medium-range missiles to defend itself, an argument the Europeans have been sympathetic to. Congress to reimpose sanctions. "It may well be the first casualty of Tillerson's ousting will be the end of the Iran deal".

Trump will be in Lima next month for the Summit of the Americas, where it is more than likely that he and his administration will discuss their plans for the Venezuelan government.

Lastly, what kind of investor will buy a cryptocurrency - or any other kind of asset for that matter - from a government that lies about its finances: Maduro claimed that they were able to raise $735 million through the petro, but showed no valid proof. "At face value, the Petro is a scam ripe for exploitation by corrupt regime insiders seeking to defraud global investors and ordinary Venezuelans".

Vice President Mike Pence will pressure Maduro's government in a speech Wednesday to a session of the Organization of American States, his office said.

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