Russia Helped Launch Venezuela Cryptocurrency To Undermine US Sanctions

Opposition candidate Henri Falcon has been pressured by US civil servants not to run in the elections

Opposition candidate Henri Falcon has been pressured by US civil servants not to run in the elections

Venezuelan president Nicolás Maduro has gone so far as to refer to the cryptocurrency as the "kryptonite" to the USA government's "Superman". According to report, the US President Donald Trump ban any US citizen from dealing in Petro.

Trump explained his decisive action saying that the update has occurred due to "recent actions taken by the Maduro regime to attempt to circumvent USA sanctions by issuing a digital currency in a process that Venezuela's democratically elected National Assembly has denounced as unlawful".

In what is certain to be the first crypto-related executive action taken by a USA president, the White House revealed Donald Trump's executive order to unconditionally ban all activities related to Venezuelan government-issued or related cryptocurrencies within the United States.

Data released by Carlos Vargas, Venezuela's Superintendent of Cryptocurrency and Related Activities, shows that over 83,000 persons in 127 countries have made certified purchase offers for the states cryptocurrency.

Another U.S. official cited United Nations data showing more than 1.5 million Venezuelans have been displaced by the crisis. However, his claims are unsubstantiated with no evidence of any funds changing hands.

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Venezuela's democratically-elected national Assembly denounced the Petro digital currency, declaring it "illegal" under domestic law.

The Petro, pre-sale launched on February 20, was proclaimed to be backed by oil from the country and thus many saw the Petro as a de facto oil future rather than a cryptocurrency. The United States is among the countries that have already declared that they will not recognize the results.

Unfazed by the USA ban on the Venezuelan cryptocurrency, Maduro still believes he's on the right track, posting this tweet onto his Twitter feed on March 19.

Maduro also said Venezuela was preparing a new cryptocurrency called "Petro gold" that will be backed by precious metals. At this time, the Venezuelan economy faces hyperinflation, along with the potential collapse of its currency. The nation has a severe shortage of food and medicine.

Similarly, Florida representative Ileana Ros-Lehtinen said she, too, welcomed the sanctions, but urged "the [Trump] Administration to continue building on this momentum and and use all available tools to increase pressure on Maduro, but we must also find a way to support the people and their humanitarian needs".

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