Russia Helped Launch Venezuela Cryptocurrency To Undermine US Sanctions

22 March, 2018, 01:50 | Author: Diane Mills
  • Presidential Message to the Congress on Cryptocurrency Transactions with Venezuela

Venezuelan president Nicolás Maduro has gone so far as to refer to the cryptocurrency as the "kryptonite" to the US government's "Superman".

Ros-Lehtinen said the Trump administration should sanction Jimenez and his company if he violated new rules banning Americans from dealing in the petro.

U.S. calls the digital currency an attempt by the Venezuelan government to "circumvent United States sanctions".

Venezuelan officials condemned the ban, its president suggesting charges of a "crime against humanity" could be pursued against the U.S.

Maduro goes on to say that the sale of the Venezuelan Petro, backed by 5 billion barrels of the country's oil "will allow the country to break the ties of the (U.S.) dollar and will ... create a prosperous economic and production system" in Venezuela.

The US Agency for International Development (USAID) will release United States dollars 2.5 million to help to finance the humanitarian assistance to Venezuelans in Colombia.

On Monday, the U.S president Donald Trump officially sanctioned the Venezuelan cryptocurrency.

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"Today, the emperor Trump has announced measures that will not be easy to execute, but imperialism is seeking to sow fear, to scare the free peoples of the world."

Maduro had announced late past year that he was creating the digital currency to outmaneuver USA sanctions preventing Venezuela from issuing new debt.

The Treasury had said in January that the petro appeared to be an extension of credit to Venezuela and warned that transactions in it may violate USA sanctions.

Russian involvement with Venezuela's state-backed cryptocurrency could be seen as efforts to "break off from the western influence".

In its own statement on Monday, Treasury said it was hitting the four current and former Venezuelan officials with sanctions that freeze any assets they may have in US jurisdictions and bar Americans from doing business with them. Other countries subject to US sanctions are now considering launching their own crypto-currencies.

After its access to the digital market, Venezuela began the implementation of Petro in the payment of services such as airports, gasoline in territories bordering Colombia and savings banks, by order of President Nicolás Maduro.

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