Trump Issues Executive Order Banning US Citizens' Use of Venezuela's Petro Virtual Currency
President Donald Trump issued an executive order Monday barring U.S. citizens from “all transactions related to, provision of financing for, and other dealings in” any “digital currency, digital coin, or digital token” issued by Venezuela’s government. Trump signed the order…
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a month after the Venezuelan government formally rolled out its petro virtual currency to aid the nation’s sagging economy and skirt U.S. sanctions. Venezuelan President Nicolas Maduro said he’s planning to unveil a “petro gold” virtual currency backed by precious metals after the government collected $735 million in presale purchases of the oil-backed petro. Sen. Marco Rubio, R-Fla., praised Trump for banning the transactions, saying in a statement it “targets their ability to use cryptocurrencies to circumvent U.S. and international sanctions.”