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U.S. Bans Venezuela's Cryptocurrency

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

takyon writes:

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: 2, Insightful) by idiot_king on Wednesday March 21 2018, @04:35AM (7 children)

    by idiot_king (6587) on Wednesday March 21 2018, @04:35AM (#655906)

    Capitalism HATES anything that might be compassionate, especially if it means extending an olive branch to a country that might need it.
    Disgusting. Capitalism and the countries it yokes under its oppressive weight is insane.

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  • (Score: 1, Informative) by Anonymous Coward on Wednesday March 21 2018, @04:47AM

    by Anonymous Coward on Wednesday March 21 2018, @04:47AM (#655911)

    No joke, this place is fucked. Badly.

    I'd have shuffled off this mortal coil a few years back if it wasn't such a dick move to friends and family.

  • (Score: 2, Interesting) by khallow on Wednesday March 21 2018, @07:05AM (5 children)

    by khallow (3766) Subscriber Badge on Wednesday March 21 2018, @07:05AM (#655958) Journal

    especially if it means extending an olive branch to a country that might need it.

    Venezuela wouldn't need an olive branch in the first place, if it had a rational economic system and wasn't run by a bunch of thieves. At this point, extending said olive branch is merely an opportunity for said thieves to keep themselves in power a little longer. I'm just not feeling that need.

    • (Score: 2) by requerdanos on Wednesday March 21 2018, @03:46PM (4 children)

      by requerdanos (5997) Subscriber Badge on Wednesday March 21 2018, @03:46PM (#656144) Journal

      $ANY_RANDOM_COUNTRY wouldn't need an olive branch in the first place, if it had a rational economic system and wasn't run by a bunch of thieves.

      FTFY.

      • (Score: 1) by khallow on Wednesday March 21 2018, @05:13PM (3 children)

        by khallow (3766) Subscriber Badge on Wednesday March 21 2018, @05:13PM (#656208) Journal

        $ANY_RANDOM_COUNTRY

        If you think Switzerland is run just as poorly as Venezuela is, then I have some prime alpine lake real estate for sale, dirt cheap!

        • (Score: 2) by requerdanos on Wednesday March 21 2018, @05:39PM (2 children)

          by requerdanos (5997) Subscriber Badge on Wednesday March 21 2018, @05:39PM (#656231) Journal

          Your counterexample is a good one. Please sign over the lakefront property, and if we enjoy it, I promise we will pay you a very fair value, very fair.

          • (Score: 2, Insightful) by khallow on Wednesday March 21 2018, @06:20PM

            by khallow (3766) Subscriber Badge on Wednesday March 21 2018, @06:20PM (#656261) Journal
            With a small proviso. How do I know, in the age of Trump whether your money will spend in my primitive country (that would be the US, sad to say)? Obviously, I must empirically acquire from you a significant, testable amount of this currency first and see if it spends well without me ending up in the pokey. If so, then of course, we'll proceed with the transaction and your glorious, glistening lake front property will await you!

          • (Score: 2) by All Your Lawn Are Belong To Us on Wednesday March 21 2018, @07:01PM

            by All Your Lawn Are Belong To Us (6553) on Wednesday March 21 2018, @07:01PM (#656287) Journal

            In Petros?

            --
            This sig for rent.