United States bans transactions with Venezuela's digital currency: White House

20 March, 2018, 04:33 | Author: Roderick Gutierrez
  • Venezuela Colombia exodus

Critics say that Petro is used by the Venezuelan government to circumvent global sanctions, which is a serious-enough concern for the U.S. government that President Trump chose to ban the use of Petro in the 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".

In December, Venezuelan President Nicolas Maduro announced the launch of the "petro".

The US blocked "all transactions related to, provision of financing for, and other dealings in, by a US person or within the US, any digital currency, digital coin, or digital token", which have been issued by the Venezuelan government since January 9, Xinhua quoted a White House statement, as saying.

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 Petro is meant to bolster Venezuela's crumbling economy, which has been suffering from hyperinflation and devaluation for years.


The order specifically targets "any transaction that evades or avoids" previous United States measures against the government of Venezuela. The President, therefore, determined that for these measures to be effective in addressing the national emergency declared in Executive Order 13692, there need be no prior notice given for implementation of this order.

Thankfully, the cryptocurrency world never embraced the Petro, which is going through problems internally within Venezuela as well, as it's congress has labeled it "illegal" and "unconstitutional". Maduro said that 100 million tokens would be issued, totaling $6 billion, a windfall for the destitute regime. "When you take the USA out of that equation, you reduce the interest and potential for that speculation".

Venezuela is the latest example of socialism's failure.

Trump has repeatedly called socialism and communism failed ideologies. Venezuela is said to be one of the hot topics in discussion at the meeting.

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