Breaking: Trump Bans US Citizens, Residents from Venezuela’s Crypto ‘Petro’

Breaking: Trump Bans US Citizens, Residents from Venezuela’s Crypto ‘Petro’

US president Donald Trump has issued an executive order banning US citizens from buying, trading or dealing in cryptocurrencies (the Petro) related to the Venezuelan government.

In what is certain to be the first crypto-related executive action taken by a US president, the White House revealed Donald Trump’s executive order to unconditionally ban all activities related to Venezuelan government-issued or related cryptocurrencies within the United States. The move was “in light of recent actions taken by the Maduro regime to attempt to circumvent U.S. sanctions by issuing a digital currency in a process that Venezuela’s democratically elected National Assembly has denounced as unlawful,” the White House said.

An excerpt from the executive order confirmed:

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

The Petro saw its pre-sale launch on February 20 and isn’t without controversy with the country’s national assembly declaring it a ‘fraud’ while market observers have criticized the petro for undermining legitimate decentralized cryptocurrencies.


Featured image from Shutterstock.

19.03.2018 / 11:19 154
Trump Orders Sanctions Against Venezuela's Crypto Trump Orders Sanctions Against
Donald Trump has signed an executive order imposing new sanctions against Venezuela for its controversial "petro" cryptocurrency. The U.S. president
Venezuela Sold $5 Billion in Petro Cryptocurrency, Claims President Venezuela Sold $5 Billion in Petro
Venezuelan President Nicholas Maduro has claimed the successful launch and sale of Petro — the first ever state-issued cryptocurrency. Petro
Venezuelan President Claims Petro Pre-Sale Raked in $5 Billion Venezuelan President Claims Petro
Venezuelan President Nicol?s Maduro claimed the pre-sale of the country’s oil-backed cryptocurrency, the Petro (PTR), has raised $5 billion and
Venezuela to Auction Petro via Its Dicom Foreign Exchange Platform Venezuela to Auction Petro via Its
According to Venezuelan vice president Tareck El Aissami, the country’s oil-backed cryptocurrency Petro (PTR) will be auctioned to private companies
Venezuela Picks FX Platform to Auction Petro ‘Oil-Backed Cryptocurrency’ Venezuela Picks FX Platform to Auction
Venezuela has chosen a platform on which to auction its “oil-backed cryptocurrency”, the petro. While the country’s National Assembly has repeatedly
Venezuela Launches Free Cryptocurrency Training Course For Citizens Venezuela Launches Free Cryptocurrency
The Venezuelan government launches a free training course to teach its citizens how to buy, sell and mine cryptocurrencies following launch of Petro
Comments (0)
Add a comment
Comment on