Venezuela Slams Trump For Banning Transactions In Its Cryptocurrency

Mae Love
March 21, 2018

Venezuelan opposition leader Henri Falcon received a visit from the United States Charge d'Affaires in Venezuela, Todd Robinson, in which he tried to convince him not to run in the May 20 presidential elections, according to sources close to the candidate.

U.S. President Donald J. Trump signed an executive order on Monday, banning American purchases and use of Venezuela's petro cryptocurrency.

In the executive order, Trump said it was an "attempt to circumvent US sanctions" imposed for democratic backsliding.

As reported previously, Venezuelan president first announced the 'Petro', a digital currency backed by Venezuela's massive oil reserves as a means to combat U.S. sanctions and the financial blockade, earlier in December.

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Leaders of the US -backed main opposition coalition, the Democratic Unity Roundtable (MUD), refused to take part in the elections, claiming the government is not providing the minimum democratic standards to guarantee a free and just process. Regrettably, this crisis in Venezuela, which is now spilling into the broader region, is man-made - the result of continued political mismanagement and corruption by the Maduro regime. Maduro talked about the fulfilling of the objective fixed by then Venezuelan president Hugo Chavez, despite the constant pressure, siege and economic war by the imperialism, referring to the sanctions promoted by the U.S. and allied in complicity with the Venezuelan opposition sectors. However, the coin has been criticized by many in the cryptocurrency industry, as well as governments and financial institutions around the world.

Venezuelan President Nicholas Maduro tweeted that the government earned $735m on its launch day - a claim that has not been independently verified.

On Monday, the USA also imposed sanctions against four current and former Venezuelan officials on allegations of mismanagement, bribery and corruption.

Now the Petro is propped up by Venezuela's extensive crude oil reserves.

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