On Monday, President TrumpDonald John TrumpAccuser says Trump should be afraid of the truth Woman behind pro-Trump Facebook page denies being influenced by Russians Shulkin says he has White House approval to root out "subversion" at VA MORE issued an executive order banning all USA entities from engaging in financial activities related to the "petro" - the cryptocurrency created by the Venezuelan government a few months ago.
To reinforce this, Trump has ordered Treasury Secretary Steven Mnuchin to issue any regulations required to enforce this ban. The financial resources of the country are put to the brink, forcing the authoritarian leader of the country, Nicolas Maduro to seek alternative ways to raise money. Marco Rubio, R-Fl., and Robert Menendez, D-N.J., and Bill Nelson, D-Fl., quickly raised concerns the digital cryptocurrency could provide Venezuela a mechanism to make payments to foreign lenders and bondholders in the United States. According to Russ Dallen, managing director at Caracas Capital, "it's a pretty big blow" for the country.
Senators from both political parties in the US have raised concerns about this.
Mnuchin met with other finance ministers at the G20 conference in Buenos Aires Monday and discussed the deepening crisis in Venezuela. Not only that, the government has also been cracking down on cryptocurrency crimes this year.
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The US Treasury has previously warned potential investors that buying the petro could violate sanctions that prohibit the purchase of Venezuelan debt. Rodriguez said that both President Nicolas Maduro and the opposition hope there's a visiting United Nations mission during the elections.
President Nicolás Maduro launched the first ever government-backed cryptocurrency last month to boost capital and circumvent previous US sanctions against the regime. And more than 20 current and former Venezuelan officials, including President Nicolás Maduro, have been hit with individual sanctions.
A press official for Venezuela's Information Ministry declined to comment. That would be a potentially crippling blow to the Maduro government, which depends nearly exclusively on crude sales to sustain what's left of the economy.
Buying, selling, or trading the Petro is now illegal, though the State Department has been advising against investing in the currency since it was first unveiled in January. On the contrary: The problem is Maduro and his government, and the solution is to have free and fair elections.