Trump bans US use of Venezuelan cryptocurrency
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The Trump administration today banned all use by Americans of Venezuelan cryptocurrency, saying that its introduction is intended to skirt US sanctions. In an executive order issued on Monday that took effect immediately, President Donald Trump declared illegTrump bans US use of Venezuelan cryptocurrency
The Trump administration today banned all use by Americans of Venezuelan cryptocurrency, saying that its introduction is intended to skirt US sanctions. In an executive order issued on Monday that took effect immediately, President Donald Trump declared illegal all transactions related to Venezuelan digital currencies, coins or tokens. The prohibition applies to all people and companies subject to US jurisdiction. The move follows the introduction last month of a Venezuelan cryptocurrency known as the «petro,» for which the government says it has received investment commitments of USD 5 billion. In the executive order, Trump said it was an «attempt to circumvent U.S. sanctions» imposed for democratic backsliding. The Treasury had said in January that the petro appeared to be an extension of credit to Venezuela and warned that transactions in it may violate US sanctions. In February, cash-strapped Venezuela became the first country to launch its own version of bitcoin, the petro, in a Read more