- US President Donald Trump ban any American dealings in the Petro.
- Venezuela responded with “profound indignation”, slamming the US President.
Venezuela: Petro – Venezuela’s oil-backed cryptocurrency, which was launched to circumvent US sanctions through a forward sale of the country’s oil, has incited the anger of the US who imposed those sanctions in the first place. According to report, the US President Donald Trump ban any US citizen from dealing in Petro. This backslash enraged Venezuela’s ruling government, who responded with a slam at Trump.
Donald Trump issued a preliminary executive order last Monday forbidding the US citizens and corporations from dealing in Venezuela’s newly introduced cryptocurrency – Petro. Diosdado Cabello, the vice president of the ruling United Socialist Party of Venezuela, reportedly said that Trump was “wrong” to have taken this step and threaten additional sanctions against the Latin American nation. Cabello said:
“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.”
Cabello added that he felt “profound indignation and rejection at the decision of the North American imperialism, which is intended to submit Venezuela to more blockades, and our people to more sanctions and to more aggression.”
Petro cryptocurrency continues to be hidden in a mystery, as observers note that there is no evidence of any sale activity. For instance, the NEM address purportedly containing the Petro ICO has not moved at all, this has raised strong doubts that nobody has yet received the cryptocurrency in case they did actually buy it.
However, Venezuela’s government insisted that it has sold over $5 billion worth of the Petro cryptocurrency. The Petro ICO started up under the insistence of Nicolas Maduro – the Venezuelan President (possibly with help from other countries) despite claims from the National Assembly that the Petro was illegal, and arguments that the cryptocurrency represents a forward sale of Venezuela’s oil, which would spark more corruption within the country.
Though Maduro and key figures in the United Socialist Party are showing enthusiasm for the new cryptocurrency, however, public interest has clearly dropped since the sale announcement made last month.
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