Trump Prohibits U.S. Purchases of Venezuelan Cryptocurrency

Believing it to be an “attempt to circumvent U.S. sanctions” imposed for democratic backsliding, Trump banned Americans use of Venezuelan cryptocurrency via an executive order. All U.S. transactions related to Venezuelan digital currencies, coins or tokens have been declared as illegal, the prohibition of which is applicable to all people and companies subject to U.S. jurisdiction.

This move came one month after the introduction of a Venezuelan cryptocurrency known as the “petro.” When cash-strapped Venezuela launched the petro, on February 20th, it became the first country to launch its own version of bitcoin. The petro is backed by Venezuela’s crude oil reserves, the largest in the world. It arrived on the market at the time when the socialist country was deep into an economic crisis due to soaring inflation and food shortages to the extreme that residents have to stand in line for hours to buy common products.

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