No Venezuelan cryptocurrency in United States according to Trump

U.S. President Donald Trump has issued an executive order to ban Petro in the U.S. Petro is a cryptocurrency developed by the government of Venezuela.

Implication of banning Petro cryptocurrency

As of today, U.S. citizens, residents and companies can’t buy or sell Petro. The executive order says that Venezuelan President Nicolás Maduro is trying to avoid U.S. sanctions against Venezuela with this new cryptocurrency. The U.S. Treasury Department already warned U.S. investors back in January.

Maduro first unveiled the country’s cryptocurrency in December. He said that Petro would be backed by oil and mineral reserves. But the issue is that the Venezuelan government unilaterally fixes the price of the Petro. So Maduro can say Petro tokens aren’t worth anything in a year without any consequence.