Mark Mason
Well-known member
The US President Issues An Executive Order to Ban the Venezuelan Petro
Donald Trump has issued an executive order to ban all cryptocurrencies issued “by, for, or on behalf” of the Venezuelan government by a “United States person or within the United States”.
“All transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela on or after January 9, 2018, are prohibited as of the effective date of this order.”
The executive order is a follow up to the sanctions that were placed on Venezuela by the US this past December since the Petro was seen as a work around by the Maduro regime. The action echos the US Treasury Department’s previous statement that advised investors to avoid the Petro, which called it “another attempt to prop up the Maduro regime, while further looting the resources of the Venezuelan people.”
The Petro, pre-sale launched on February 20, was proclaimed to be backed by oil from the country and thus many saw the Petro as a de facto oil future rather than a cryptocurrency. However, the democratically elected body of Venezuela have already called the Petro illegal. In addition, many have called into question the cryptocurrency’s decentralized nature since a majority of the Petro seems to be in a few wallets and many suspect that most buyers were governmental agencies.
Read more: https://www.dashforcenews.com/the-u...-executive-order-to-ban-the-venezuelan-petro/
Donald Trump has issued an executive order to ban all cryptocurrencies issued “by, for, or on behalf” of the Venezuelan government by a “United States person or within the United States”.
“All transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela on or after January 9, 2018, are prohibited as of the effective date of this order.”
The executive order is a follow up to the sanctions that were placed on Venezuela by the US this past December since the Petro was seen as a work around by the Maduro regime. The action echos the US Treasury Department’s previous statement that advised investors to avoid the Petro, which called it “another attempt to prop up the Maduro regime, while further looting the resources of the Venezuelan people.”
The Petro, pre-sale launched on February 20, was proclaimed to be backed by oil from the country and thus many saw the Petro as a de facto oil future rather than a cryptocurrency. However, the democratically elected body of Venezuela have already called the Petro illegal. In addition, many have called into question the cryptocurrency’s decentralized nature since a majority of the Petro seems to be in a few wallets and many suspect that most buyers were governmental agencies.
Read more: https://www.dashforcenews.com/the-u...-executive-order-to-ban-the-venezuelan-petro/