Trump plans new sanctions on Venezuela’s ‘Petro’ cryptocurrency

Last month, the Venezuelan government launched Petro, the world’s first state-issued cryptocurrency, in hopes of boosting its struggling economy and circumventing U.S. and European sanctions.

The Trump administration, however, isn’t buying into the country’s new digital currency, which has been called “snake oil” by some financial experts.

Donald Trump is reportedly planning to impose additional sanctions on Venezuela restricting the use of Petro for U.S. financial transactions, according to McClatchy.

The report claims the new, tougher sanctions could go into effect as early as Monday after Trump signs an executive order. Read more…

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