Trump bans Venezuelan Cryptocurrency

 

On 19 March 2018, President Trump signed an executive order banning a cryptocurrency, the Petro, which was launched in February.  Venezuela intended to use the cryptocurrency in order to circumvent international sanctions, the US just put a stop to that.

 

 

 

“I, DONALD J. TRUMP, President of the United States of America, in order to take additional steps with respect to the national emergency declared in Executive Order 13692 of March 8, 2015, and relied upon for additional steps taken in Executive Order 13808 of August 24, 2017, and in light of recent actions taken by the Maduro regime to attempt to circumvent U.S. sanctions by issuing a digital currency in a process that Venezuela’s democratically elected National Assembly has denounced as unlawful, hereby order as follows:

Section 1.  (a) 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.”

 

 

This is the first time a president of the United States has signed any executive order linked to cryptocurrency.  Read more: Executive Order on Taking Additional Steps to Address the Situation in Venezuela

 

Cryptocurrency is under fire by banks and regulators.  Will they manage to kill Bitcoin?

 

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