President Trump Comes Down Hard on Petro Cryptocurrency

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U.S President Donald Trump makes daily news as one of the more controversial presidents in the history of the United States. In a recent article by Nikhilesh De of, his name was recently in the news for taking a hard stance on Venezuela’s controversial cryptocurrency, Petro.It has been reported by McClatchy DC that Trump recently signed an executive order calling for new sanctions against that government for  its alleged attempt to ‘bypass existing economic restrictions’ that had already been put in place. With Trump’s executive order, the sanctions’ main purpose is to block any US transactions that would involve the use of this form of cryptocurrency unique to the South American country.

In a direct quote in the article addres sing the content of this executive order it states, “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 the behalf of the Government of Venezuela on or after January 9, 2018, are prohibited as the effective date of this order.”This issue has been brewing since Venezuela first launched the petro in February of this year. It became apparent to US government officials that this was a blatant attempt by Venezuela to use this cryptocurrency as a means of bypassing some economic sanctions already in place on an international level.

The latest sanctions imposed by the Trump Administration come as no big surprise given some of the sharp criticism that has been leveled at Venezuela’s petro from any number of US lawmakers. The report mentions by name, Florida Senator Mark Rubio along with Senators’ Bob Menendez and Bill Nelson as some of the leading proponents for the new sanctions. All three have written letters to the Treasury Department to determine what further steps should be taken to protect American investors. There has been no official response from the  Treasury Department addressing these concerns, but the report did mention that it has confirmed that these sanctions would apply to any American purchasing petro cryptocurrency in any form. confirmed that Menendez was continuing his efforts to receive an official response from the Treasury Department on this whole matter.

Even officials within Venezuela’s government have taken issue with this situation to the point where the nation’s Congress has called these actions “illegal” and unconstitutional. Coindesk executive director Jerry Brito added in a statement that, “While Venezuela’s attempt to issue a cryptocurrency is novel, there’s nothing new  about the US restricting financial dealings with sanctioned countries. Issuing a cryptocurrency is not going to help Venezuela escape sanctions.”As some general insight into the cryptocurrency industry, Bitcoin and BTC mining has been compared to a new ‘Gold Rush’ for investors looking to capitalize on this rapidly expanding market. In the online gambling industry, you have the concept of Bitcoin casinos that are a big part of real money casinos and real money gambling.

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