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President Trump Bans The Usage Of Venenzuela's Petro Cryptocurrency In The US

Mar 20, 2018 Posted /  2942 Views

President Trump Bans The Usage Of Venenzuela's Petro Cryptocurrency In The US

Donald Trump has issued an executive order prohibiting American citizens from using Venezuelan cryptocurrency. Thereby, making petro, a cryptocurrency developed by the government of Venezuela illegal in the U.S. The antagonistic cryptocurrency has always been considered as an ingenious means to procure money by attaining international sanctions against the country. The ban thwarts the attempts of Maduro’s government to enhance foreign currency reserves and is the first time the U.S. president has been officially linked with cryptocurrency.

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The order also sanctions US Treasury Secretary Steven Mnuchin to issue regulations to carry out the executive order. Mnuchin presenting his views states, “President Maduro decimated the Venezuelan economy and spurred a humanitarian crisis. Instead of correcting course… the Maduro regime is attempting to circumvent sanctions through the Petro digital currency.”

The Treasury Department had cautioned investors in January to eschew the Petro, calling it “another attempt to prop up the Maduro regime, while further looting the resources of the Venezuelan people.”

After, an executive order restricting the use of the petro, there is absolutely no reason, as to why a comparable direction cannot be issued against other private coins, if U.S. considers them a menace.

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Tags: cryptocurrency Trump Venenzuela

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