Trump Will Sanction Venezuela for its “Petro” Cryptocurrency

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The U.S. President has signed an executive order sanctionning Venezuela for its questionable cryptocurrency.

The last executive order Trump was preparing to sign was to sanction Venezuela for having attempted to bypass existing economic restrictions, the  McClatchy DC stated on Friday.  Also, he signed an order prohibiting any U.S. transactions in the Venezuelian “Petro” cryptocurrency.

“All transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, 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, are prohibited as of the effective date of this order,” reported the executive order.

The executive order also expressed that “any transactions that evades or avoids the prohibitions set forth in this order is prohibited.”

This decision is not surprising, as many senators have criticized the “Petro” cryptocurrency by writing letters to the Treasury Department asking them how it is going to protect american investors. The senators didn’t get a response but it was confirmed that americans could be sanctionned for buying the token.

Jerry Brito, Coin Center executive director reported that it is not surprising to see the U.S announcing sanctions,

“While Venezuela’s attempt to issue a cryptocurrency is novel, there’s nothing new about the U.S. restricting financial dealings with sanctioned countries. Issuing a cryptocurrency is not going to help Venezuela escape sanctions.”

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