New HOT Details about Petro! This Is Why Venezuela Digital Currency Banned in US

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New details revealed about Venezuela state-backed cryptocurrency, the Keep on reading to know who helped Venezuelan to launch it and why Americans won’t be able to use it.

Trump says “No”

As Nexter.org reported before, Venezuela announced earlier the launch of a new oil-backed digital currency that is called Petro.

In such way the government hopes to pull the country out of a deepening economic crisis.

But seems that Donald Trump is not going to let Venezuela avoid suctions.

On March 19 US president released an executive order prohibiting Americans from taking part in any transactions involving “any digital currency [issued by, for, or on behalf of the Government of Venezuela]” starting January 9, 2018.

That ban includes the controversial , the cryptocurrency tied to the value of Venezuela’s crude oil reserves.

Diosdado Cabello, vice president of Venezuela’s United Socialist Party, responded to Trump’s decision via Twitter (translated from Spanish):

“Once again, imperialism is mistaken in announcing sanctions and blocks against the brave and dignified people of Venezuela, the treasonous footmen drool with pleasure when our people suffer. Raise the flags of Bolívar and Chávez, we will prevail!”.

Mysterious protector

It turned out, that the was in fact a collaboration—a half-hidden joint venture between Venezuelan and Russian officials and businessmen, whose aim was to erode the power of U.S. sanctions, sources familiar with the effort told TIME.

The report reveals that billionaires Dennis Druzhkov and Fyodor Bogorodsky advised Venezuelan president Nicolas Maduro in his efforts to build the .

Further, Time reported that “senior advisers to the Kremlin” oversaw the ’s development, with the support of Russian president Vladimir Putin.

Putin-Maduro-photo

Source: Getty Images

“People close to Putin, they told him this is how to avoid the sanctions,” says the executive, who spoke to TIME on condition of anonymity. “This is how the whole thing started.”

As TIME suggests, the Russians may have used Venezuela as an experiment to test a decentralized currency without the risk of bringing down their ruble.

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Summary
Petro: Who Stands Behind Venezuela Digital Currency That Is Banned in US
Title
Petro: Who Stands Behind Venezuela Digital Currency That Is Banned in US
Description
New details revealed about Venezuela state-backed cryptocurrency, the petro. Keep on reading to know who helped Venezuelan to launch the petro and why Americans won’t be able to use it.
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