íàçâàíèå

President Trump Issues Executive Order Preventing Any U.S. Involvement With Venezuela’s Petro

President Trump Issues Executive Order Preventing Any U.S. Involvement With Venezuela’s Petro

In the latest move by the U.S. government to restrict the Maduro regime’s access to capital, President Donald Trump has issued an executive order banning any transactions within the U.S. involving “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.” This ban is most likely aimed at the Petro.

The order applies to U.S. citizens as well as any person within the United States. According to Russ Dallen, managing director at Caracas Capital, “it’s a pretty big blow” for the country.

Venezuela launched the oil-backed Petro cryptocurrency in February in attempts to help pull the country out of a continuing economic crisis where inflation is estimated to spiral to 13,000% later this year. Venezuelan President Nicolas Maduro said each Petro token would be backed by one barrel of the state’s oil. Maduro also said roughly 100 million petro tokens would be issued — estimated to be worth around $6 billion.


U.S Moves

Last August, the Trump administration barred the trading of new debt issued by Venezuela’s government and its state-owned oil company in U.S. markets amid deteriorating humanitarian conditions in the nation. Treasury Secretary Steven Mnuchin said at a news conference following the announcement that the order was, as expected, meant to restrict the Venezuelan government’s access to capital.

President Trump has also said he would not rule out a “military option” in Venezuela as the Maduro regime consolidates power:

“We have many options for Venezuela, including a possible military option, if necessary,” Trump told reporters, also last August.

Fast forward to today, the U.S. government has been weighing sanctions on Venezuela’s all-important oil sector before the nation’s presidential election on May 20th. Further sanctions could be a potentially crippling blow to the Maduro government, which depends almost exclusively on oil sales to sustain what’s left of the country’s economy.


The Organization of American States & the Summit of the Americas

According to Mike Pence’s office, the Vice President will further pressure Maduro’s government in a speech Wednesday to a session of the Organization of American States:

“The Vice President will call on all members to increase pressure on the Maduro regime to restore the country’s democracy and address the humanitarian crisis unfolding in Venezuela,” Pence’s spokeswoman, Alyssa Farah, said today in a statement.

President Trump himself plans to attend the Summit of the Americas in Lima next month, where his administration is likely to highlight its efforts to isolate the Venezuelan government.

19.03.2018 / 12:29 78
Trump Signs Executive Order Banning Venezuela’s Petro Cryptocurrency Trump Signs Executive Order Banning
U.S. president Donald Trump has signed an executive order banning American citizens from using Venezuelan cryptocurrencies. In effect, this means
Breaking: Trump Bans US Citizens, Residents from Venezuela’s Crypto ‘Petro’ Breaking: Trump Bans US Citizens,
US president Donald Trump has issued an executive order banning US citizens from buying, trading or dealing in cryptocurrencies (the Petro) related
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
Petro is a Terrible Investment (If You Didn’t Already Know) Petro is a Terrible Investment (If You
Near the middle of February, collapsing socialist country Venezuela launched Petro — the world’s first state-issued cryptocurrency — purportedly
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