The Executive Order prohibits, as of its effective date, 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 January 9, 2018. “This move against corrupt officials in the Maduro regime targets their ability to use cryptocurrencies to circumvent U.S. and international sanctions,” the Florida Republican said in a release. “Available information indicates that, once issued, the Petro digital currency would appear to be an extension of credit to the Venezuelan government,” the Treasury department said in a statement to Reuters. As a reminder, one month ago Venezuela President Nicolas Maduro announced that the launch of his country’s oil-backed answer to Bitcoin, Petro, raised $735 million in its first day, despite warnings by the Treasury Department that investors should stay away.
U.S. President Donald Trump issues an executive order banning U.S. entities from trading in the Venezuelan Petro cryptocurrency. Trump calls the digital currency, launched last month, an "attempt to circumvent U.S. sanctions".