Trump Bars US Citizens From Investing In Venezuelan Cryptocurrency

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Specifically, the order pertains to any cryptocurrency issued on or after January 9th of this year, and it applies to both USA citizens and any other individuals within the United States, according to a report by CNBC.

The White House called the cryptocurrency an "attempt to circumvent USA sanctions".

The Petro was said to have been aimed at providing a boost for Venezuela's struggling economy, which has been plagued by hyperinflation and devaluation, and since 2014, a fall in the price of oil, the country's leading export.

The executive order is a response to the Petro, the allegedly oil-backed cryptocurrency the cash-starved Venezuelan government launched in February 2018 to gain capital in the midst of its ongoing economic crisis.

A Trump administration official told reporters investing in the currency should be seen as directly supporting Maduro's "dictatorship".

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Just past year, Trump stopped the trading of new debt issued by Venezuela Government, and its oil firms in the United States markets.

The Venezuelan government called the U.S. move a "new imperial aggression", and vowed to continue with its plans to make the Petro "one of the most solid and reliable cryptocurrencies in the world".

Treasury Secretary Steven T Mnuchin said on Monday that the U.S. ban is aimed at "restoring Venezuelan democracy, combating the kleptocracy of the Maduro regime, and responding to the humanitarian crisis caused by Maduro's economic policy". Petro is backed by crude oil reserves in the country, which are the largest in the world.

"With our people and the Petro, venceremos!".

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