The U.S. executive branch issued an executive order prohibiting the use or purchase of Venezuela’s Petro cryptocurrency, claiming the currency was issued unlawfully in an effort to circumvent U.S. sanctions against Venezuela, and in particular the President Nicolás Maduro’s regime. “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,” the executive order reads. The ban comes after Maduro created the cryptocurrency in an effort to stem the tide of rapidly rising inflation. The inflation rate will likely hit 13,000 percent by the end of 2018. The destabilized economy has created a humanitarian disaster and the oil-backed cryptocurrency reportedly hasn’t helped matters — despite Maduro’s claims to the contrary.
https://www.digitaltrends.com/computing/us-bans-petro-cryptocurrency/
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