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posted by mrpg on Wednesday March 21 2018, @04:11AM   Printer-friendly
from the ¿y-ahora-que? dept.

U.S. bans transactions with Venezuela's digital currency

President Donald Trump on Monday signed an executive order barring any U.S.-based financial transactions involving Venezuela's new petro cryptocurrency, as U.S. officials warned that it was a "scam" by President Nicolas Maduro's government to further undermine democracy in the OPEC country.

"The 'petro' is a desperate effort by a corrupt regime to defraud international investors," a senior U.S. administration official told reporters, strongly warning that any transactions in the petro digital currency would violate U.S. sanctions. "Investing in the 'petro' should be viewed as directly supporting this dictatorship and its attempts to undermine the democratic order in Venezuela," the official added.

Trump's order bars "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," issued by Venezuela's government since Jan. 9, the White House said in a statement.

Also at the New York Times.

Previously: Enter the "Petro": Venezuela to Launch Oil-Backed Cryptocurrency


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  • (Score: 0) by Anonymous Coward on Wednesday March 21 2018, @07:07AM (4 children)

    by Anonymous Coward on Wednesday March 21 2018, @07:07AM (#655960)

    The US (and everyone else for that matter outside of Venezuela) are under no obligation to honor any of Venezuela's economic fantasies no more than they are obligated (for those outside of the US) to honor the economic fantasies of Trump.

    yes *BUT* this means that US believes this can be more than a sad joke. This cryptocurrency is a joke but to America, it seems like it's not. Which is petty and sad. How far has it fallen so fast.

  • (Score: 2, Informative) by khallow on Wednesday March 21 2018, @07:10AM (2 children)

    by khallow (3766) Subscriber Badge on Wednesday March 21 2018, @07:10AM (#655962) Journal

    This cryptocurrency is a joke but to America, it seems like it's not.

    When they're trying to pay in said currency without financial backing, it's not a joke, but a scam.

    • (Score: 0) by Anonymous Coward on Wednesday March 21 2018, @07:46AM (1 child)

      by Anonymous Coward on Wednesday March 21 2018, @07:46AM (#655971)

      ummmm, you know people can not accept a bad deal right? If they do then that is their problem. Not seeing the problem here, but I am seeing the US freak out over "monopoly money". So what's your point? The world bank doesn't want to see people turn to blockchain tech and do away with the bullshit of fiat currency?

      I'll side with the powers that be to a small degree, plunging the world into chaos for decades may not be a great solution to the centralized power of the World Bank. Not convinced though, just siding with global stability.

      • (Score: 1) by khallow on Wednesday March 21 2018, @08:32AM

        by khallow (3766) Subscriber Badge on Wednesday March 21 2018, @08:32AM (#655988) Journal

        ummmm, you know people can not accept a bad deal right?

        Not if they're dealing in Venezuela. Now, they can at least say "Sorry, my government won't allow me to accept that blockchain play money. Perhaps you have some hard currency you could exchange that into first?"

  • (Score: 0) by Anonymous Coward on Wednesday March 21 2018, @06:58PM

    by Anonymous Coward on Wednesday March 21 2018, @06:58PM (#656286)

    just because some old techno-phobic rich guy is "scared" of it doesn't mean the whole US is.