President Donald Trump on Monday banned US citizens and businesses from negotiating with Petro, the cryptocurrency launched last month by the Venezuelan government.According to a decree signed by Trump, “all transactions” related to Petro are prohibited, considering that this cryptocurrency is an “attempt to evade the sanctions” applied by the United States to Venezuela.
Petro is a cryptocurrency backed by Venezuela’s natural resources, such as oil, gold and gas.The initial offer placed the value of each Petro at about 60 dollars, value of a barrel of oil at the beginning of the year.
Since the launching of Petro in February, Venezuela said it had received purchase orders for some 5,000 million dollars..
The country, which is going through an acute economic crisis, had launched the Petro as part of its efforts to restructure its enormous foreign debt, a part of it in default, estimated at some 150,000 million dollars.
However, the decision of the White House to block the access of the Americans to Petro can be seen as a signal to other countries that are analyzing the option of launching cryptocurrencies to avoid sanctions.