[2018-03-22]Venezuelan Cryptocurrency Petro Banned by Trump Executive Order

[Vladdirescu87]

On Monday, March 20, the White House released a new cryptocurrency trading ban, signed by the President of the United States, Donald Trump, on the Venezuelan state-issued digital currency, the Petro. The document includes a list of sanctions against Venezuela that are presently active.

"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, that was issued by, for, or on behalf of the Government of Venezuela on or after 9 January 2018, are prohibited as of the effective date of this order," the executive order says.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/petro-banned-by-trump-executive-order/

[hatshepsut93]

A lot of people were naively thinking that state-issued cryptocurrency can help countries like Venezuela and Russia circumvent sanctions, but this just shows how silly that idea was. When the West is serious about sanctions, they will make sure to leave no obvious loopholes. If those countries really wanted to circumvent sanctions, they should be using Bitcoin and Monero, but this is only suitable for small amounts - large volumes would be easily spotted by chain analysis.

[Kronos21]

A lot of people were naively thinking that state-issued cryptocurrency can help countries like Venezuela and Russia circumvent sanctions, but this just shows how silly that idea was. When the West is serious about sanctions, they will make sure to leave no obvious loopholes. If those countries really wanted to circumvent sanctions, they should be using Bitcoin and Monero, but this is only suitable for small amounts - large volumes would be easily spotted by chain analysis.

The use of bitcoins will not help countries that are under sanctions to solve this problem. They are primarily interested in the availability of the dollar. All international payments are made in dollars. They need currency. Now most of the cryptocurrency exchanges require verification. Residents of these countries can not withdraw currency.

[Grossmann Jr.]

I already feel sick because of all that bullsh*t connected with Petro and reaction of western countries on that. Good way to solve the proble - ban something that isn't profitable for you. I'm pretty sure that there are a lot of american-based investors who want to invest in that, but one oldman deciced that they will not have this opportunity