President Trump Bans Purchase of Venezuelan Petro

President Trump announced that he will ban the Venezuelan backed cryptocurrency, Petro, by executive order on March 19th. This ban is part of a campaign to apply pressure to the Venezuelan government. US citizens will not be able to engage in transactions using this oil indexed cryptocurrency.

President Maduro eradicated the Venezuelan economy and spurred a humanitarian crisis. Sanctions have been applied to Maduro due to the horrible conditions at which he keeps his citizens under. The Maduro regime is trying to circumvent these sanctions through the Petro cryptocurrency.

Petro has struggled to find any interest or legitimacy among foreign governments, many of which have turned away the currency due to diplomatic matters.