President Trump Issues Executive Order Preventing Any US Involvement With Venezuela's Petro

David Smolansky a leader in exile of Venezuela’s opposition in Washington DC

David Smolansky a leader in exile of Venezuela’s opposition in Washington DC

Trump signed an executive order on Monday banning United States citizens from buying Venezuela's newly created cryptocurrency, the petro, the world's first sovereign digital currency.

Maduro had announced late previous year that he was creating the digital currency to outmanoeuvre USA sanctions preventing Venezuela from issuing new debt.

To help outmaneuver Venezuela's economic disaster and the sanctions imposed by the United States (and other nations), President Maduro tried to invent a new cryptocurrency called the 'petro.' The cryptocurrency was created to help support the country's natural resources and that each token would be backed by a barrel of oil. The White House recently barred USA banks from purchasing new Venezuelan debt, one of the biggest blows to Venezuela's economy. As stated at the time by government officials, Venezuela is seeking to use the cryptocurrency as a way to circumvent global sanctions. To see more, visit WLRN 91.3 FM. On Monday, Trump signed an order blocking any US transactions in the petro, the White House announced. The Venezuelan government often blames the sanctions for the country's economic crisis. Critics treated it like a joke and a direct conflict to the objective of digital currencies as unregulated and not controlled by a government. Despite the country committing to back the value of the Petro by using the country's oil reserves, the lack of rule of law is greatly undermining the usability of the Venezuelan cryptocurrency.

The ban comes as US Treasury Secretary, Mnuchin is meeting G-20 finance ministers in Buenos Aires.

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"We are considering all options, including oil-sector sanction options", the official said.

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.

"I commend the president and his administration for continuing to take action against efforts by the illegitimate Maduro regime to exploit illicit financial lifelines, and encourage additional sanctions in the weeks to come", he said in a statement.

Aside from a U.N. commission visit, Rodriguez also talked about the possibility of observer missions from the Latin American and Caribbean States Community (CELAC), the South American Nations Union (Unasur), the Southern Common Market (Mercosur), the Carter Center and the European Union (EU).

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