Venezuelan Cryptocurrency Petro Banned by Trump Executive Order

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Venezuelan President Nicolas Maduro has come out strongly against United States President Donald Trump's latest sanctions on the South American country. At this time, the Venezuelan economy faces hyperinflation, along with the potential collapse of its currency.

Venezuela is now suffering from economic devastation.

Because of the nature of Venezuela's political relationship with the USA, economic sanctions were placed on the country and American investors were barred from offering funding for any opportunities in the country. Maduro's government is accused of corruption and repression. President Maduro thanked the two men personally for helping fight against American "imperialism".

The ban, however, is hardly surprising considering that President Trump and his government has been calling the token an institutionalized effort to circumvent United States sanctions. Its health system and other government services have collapsed.

Jimenez in an interview defended his work for the government as serving a greater, non-political goal: to empower Venezuelans struggling to feed themselves amid four-digit inflation.

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According to the new regulation, United States citizens are prohibited from buying the Petro coin from not only Venezuela's government but any agency, investors, or cryptocurrency exchange offering the Petro coin on the cryptocurrency market. It also said that as part of Druzhkov's settlement with the Mercantile Exchange in 2014, he did not admit to any rule violations.

Earlier that day, Trump issued an executive order that immediately "prohibits. all related transactions, the provision of financing and other transactions by a person from the United States or within the United States, with any digital currency that has been issued by, for or on behalf of the government of Venezuela as of January 9, 2018".

U.S. Senator Bob Menendez, a Democrat, called for a donor conference to coordinate assistance for Venezuelans. Sources told Time that the aim of the petro was to erode the power of USA sanctions. He also argues that the petro - a financial product that doesn't generate interest or have a payback schedule like a bond - doesn't qualify as the sort of debt instrument the Trump administration had been targeting. However, the coin has been criticized by many in the cryptocurrency industry, as well as governments and financial institutions around the world.

"We can't just sit here with our arms crossed, with all that we, our friends and our family are going through", he said.

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