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Trump has banned the trading of Venezuela's cryptocurrency, the petro

20 March 2018

"The Executive Order prohibits, from its effective date, 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", reads the order, announced by the White House.

President Donald Trump, in the recent move by the towards restricting the Maduro regime's access to the capital, has issued order prohibiting any involvement or transactions in the USA that are related with any: digital coin or token launched by the Gov of Venezuela.

The battle between Washington and Venezuela over the currency could have a profound impact on other nations' moves to adopt cryptocurrencies to avoid sanctions.

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The first government backed crypto - Petro, was launched last month attempting to support and hoist up the countries economy as it continues to struggle under crisis where inflation is estimated to 13.000 percent. On Monday, Trump signed an order blocking any USA transactions in the petro, the White House announced.

27 year old Gabriel Jimenez is the founder of The Social Us, a digital innovation startup that is helping Venezuela "overcome the financial blockade" of Donald Trump's government. While the trust in the Venezuelan government is at historic lows and the likelihood of massive investment flows from overseas into the Petro are limited, Mr Trump has today prohibited United States citizens to invest in the token sale.

But Jimenez until recently had been agitating for the very same actions to punish Venezuela's leader for jailing his opponents and destroying the oil-rich economy.

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"Instead, it appears he is using the freedoms that the United States provided him in order to help advance the Maduro regime's attempts to consolidate power and destroy Venezuela's democratic institutions". Venezuela is said to be one of the hot topics in discussion at the meeting.

On Monday, President Trump signed an executive order prohibiting American usage of or investment in the petro. The order-of-preventing is targeting probably the popular Petro. "Doing nothing would be irresponsible".

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Trump has banned the trading of Venezuela's cryptocurrency, the petro