United States bans transactions with Venezuela's digital currency

United States bans transactions with Venezuela's digital currency

"Instead of correcting course to avoid further catastrophe, the Maduro regime is attempting to circumvent sanctions through the Petro digital policy-a ploy that Venezuela's democratically elected National Assembly has denounced, and Treasury has cautioned USA persons to avoid".

Deeming the launch of the petro-backed in principle by Venezuela's vast oil reserves-a success, the president has since said he plans to create another gold-backed version of the cryptocurrency in an effort to attract funds that the country badly needs to overcome food shortages and plummeting oil production.

In January, the USA treasury department warned that the petro cryptocurrency could violate sanctions against the OPEC nation's socialist government. The move further squeezes Venezuela's attempts to bypass United States economic sanctions. To see more, visit WLRN 91.3 FM. Nicolas Maduro claimed that the cryptocurrency raised $735 million in its first day on sale. The new ban is not surprising since recent sanctions prevent USA citizens and companies from doing business with the South American nation.

Disclosure: I own small amounts of various cryptocurrencies.

Mnuchin met with other finance ministers at the G20 conference in Buenos Aires Monday and discussed the deepening crisis in Venezuela.

Aside from a U.N. commission visit, Rodriguez also talked about the possibility of observer missions from the Latin American and Caribbean States Community (CELAC), the South American Nations Union (Unasur), the Southern Common Market (Mercosur), the Carter Center and the European Union (EU).

Venezuela's government has been slowly running out of money for years.

A press official for Venezuela's Information Ministry declined to comment. Echoing the USA action, Venezuelan lawmakers opposed to Mr. Each petro coin is backed by the value of one barrel of oil.

The Treasury Department warned investors in January to steer clear of the digital currency, calling it "another attempt to prop up the Maduro regime, while further looting the resources of the Venezuelan people".

As Maduro has shown limitless creativeness in attempting to remain in power forever, he has also showed boundless evil by ignoring the humanitarian crisis that have brought tragedy and despair to millions of Venezuelans, many of whom have nearly no choice but to flee their country in order to survive.

Vice President Mike Pence will pressure Maduro's government in a speech Wednesday to a session of the Organization of American States, his office said.

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