Venezuela Lashes Out at Trump's Petro Ban

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Data released by Carlos Vargas, Venezuela's Superintendent of Cryptocurrency and Related Activities, shows that over 83,000 persons in 127 countries have made certified purchase offers for the states cryptocurrency. The Trump administration has alleged that the petro is merely an "attempt to circumvent US sanctions". The petro, which first went on presale on February 20th, is the world's first state-backed cryptocurrency.

Venezuela's recently launched, state-backed cryptocurrency petro was brought to fruition by a number of wealthy Russian businessmen with connections to the Russian government, according to a new report from Time. "Instead of correcting course to avoid further catastrophe, the Maduro regime is attempting to circumvent sanctions through the Petro digital currency - a ploy that Venezuela's democratically-elected National Assembly has denounced and Treasury has cautioned USA persons to avoid".

Colleagues remember him as a spirited anti-government crusader who helped organize a caravan, known as the Trip For Freedom, in which thousands of Venezuelan exiles travelled by bus to Washington to pressure the Obama administration to slap sanctions on Maduro's government.

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The ban is expected to have serious consequences for Maduro's ongoing efforts to boost foreign currency reserves.

He said his work on what would become the petro began when he returned to Venezuela in 2015 and banded together with other tech entrepreneurs to design a digital currency. The Treasury Department has also sanctioned four current and former officials who played key roles in Maduro's government and political network. Thus the citizens of Venezuela should not suffer much from this ban since Venezuelans are utilizing other cryptocurrencies to escape the bad policies of their government. Nevertheless, Venezuelans refuse to let external factors stop them and are using Dash to provide real alternatives that better their lives. Expectedly, President Maduro's government has reacted strongly to the USA move by calling it a "new imperial aggression". But in response to the request for comment, an email signed by "Zeus Team" said that Druzkhov had been invited to Venezuela as an expert and Zeus is not working on the project.

Earlier this week, President Trump issued an executive order prohibiting us citizens from purchasing or trading petro. Since that time, Maduro has claimed that pre-sales of the digital currency token have now raised $5 billion US. Sources told Time that the aim of the petro was to erode the power of United States sanctions.