President Trump has banned the use of Venezuelan cryptocurrency, Petro. The reason given is that Petro is aimed at circumventing the U.S. sanctions.
In his executive order issued today, President Trump declared all transactions related to Petro illegal.
The prohibition applies to all kinds of Venezuelan cryptocurrencies, tokens and coins and the use thereof by people and companies coming under the U.S. jurisdiction.
Venezuela had just introduced its own cryptocurrency called the “petro,” with $5 billion investment commitments.
Earlier in January the Treasury had said that Petro seemed to be an extension of credit to Venezuela potentially violating the U.S. sanctions.