Venezuela Slams Trump For Banning Transactions In Its Cryptocurrency

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Venezuelan president Nicolás Maduro has previously referred to the petro as "kryptonite" and the U.S. government as "Superman".

21 de marzo de 2018, 17:42Caracas, Mar 21 (Prensa Latina) The Minister for University Education, Science and Technology, Hugbel Roa, announced today the beginning of the first public offering of the Venezuelan cryptocurrency Petro.

President Nicolas Maduro says the government is set to finance an estimated 236,000 new homes thanks to the recent presale of Venezuelan oil-back cryptocurrency - Petro.

Adding more to the ongoing controversies, the U.S. government has signed an executive order prohibiting American companies and citizens from dealing in petro.

Another U.S. official cited United Nations data showing more than 1.5 million Venezuelans have been displaced by the crisis.

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The extra money, provided through the U.S. Agency for International Development, will provide emergency food and health assistance as the Colombian government struggles to provide necessary medical and social services, said Mark Green, USAID administrator. "Instead of correcting course to avoid further catastrophe, the Maduro regime is attempting to circumvent sanctions through the Petro digital currency - a ploy that Venezuela's democratically-elected National Assembly has denounced and Treasury has cautioned U.S. persons to avoid".

Earlier this week, the Trump administration issued an executive order prohibiting United States citizens from purchasing the petro, which Maduro hopes will raise $6 billion and help shore up the country's failing economy.

The Venezuelan government referred to the USA ban as "gross meddling" and tantamount to "new imperial aggression" against its "financial and economic system".

"President Maduro decimated the Venezuelan economy and spurred a humanitarian crisis". Because it is illegal for Venezuelan citizens to purchase foreign currencies, petro is inaccessible to the vast majority of the country's population.

Additionally, the Treasury Department also issued a strongly worded advisory for investors urging them to avoid the petro.