Trump Issues Bizarre Executive Order Banning Purchase of Venezuelan Cryptocurrency

Source: ZeroHedge

Cryptos are moving sharply lower in response to news that President Trump has issued an executive order banning the U.S. purchases of the “Petro”, the cryptocurrency which was infamously rolled out by the Venezuelan government; the order comes as part of a campaign to put more pressure on the government of President Nicolas Maduro.

As a reminder, one month ago Venezuela President Nicolas Maduro announced that the launch of his country’s oil-backed answer to Bitcoin, Petro, raised $735 million in its first day, despite warnings by the Treasury Department that investors should stay away.

In a tweet in February, the Venezuelan leader said that investors had promised 4.8 billion yuan, or $735 million in a pre-sale of Petro, the cryptocurrency Maduro hopes will help boost Venezuela’s ailing economy. Maduro has said that he hopes the Petro will help the country skirt Western sanctions, though the U.S. Treasury has warned that it won’t be that easy. In mid-January, the department told potential Petro investors that they could be subject to sanctions against Venezuela. . .

 

via Trump Issues Bizarre Executive Order Banning Purchases Of Venezuela’s Cryptocurrency

4 thoughts on “Trump Issues Bizarre Executive Order Banning Purchase of Venezuelan Cryptocurrency

  1. The Venezuelan government needs to do whatever it takes to ensure the survival of the people of Venezuela because the situation there has been dire for quite sometime. Severe food shortages have been in the news for at least two years and many expats have left due to Venezuela’s economic woes. I think I need to read up on how a country as oil rich as Venezuela came to this or could it be that foreign companies were basically running the show?

    Like

    • I also need to read up on Venezuela, Shelby, but what I do know that Venezuela is struggling under economic sanctions (like Russia), as well as deliberate food hoarding (buying up foodstuffs privately and exporting them) and currency speculation by the opposition (the rich people who used to run the country) and the CIA.

      Liked by 1 person

  2. We should all be in the streets demanding that the U.S. keep its bloody hands off Venezuela From the moment Hugo Chavez kicked the world’s big oil companies out of the country and told some of the world’s poorest people “The oil belongs to you” corporate America has been just insane w greed. CIA agents flooded Venezuela and have worked non-stop ever since to destroy the economy, overturn the democratically elected socialist government, and get that oil back to the private sector where it belongs.
    Thanks for this post, Stuart!

    Like

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