Venezuelan President Nicolas Maduro has come out strongly against United States President Donald TrumpāsĀ latest sanctions on the South American country. These prohibit āall transactionsā with āany digital currencyā issued by the Venezuelan government ā alluding to the cryptocurrency promotedĀ by the Venezuelan authorities, known as āPetroā.
In a March 19 statement, Maduro said he āenergetically rejects and condemns the new unilateral sanctions of the Donald Trump regime against the Venezuelan people and our financial and economic systemā.
Maduroās statement said these sanctions violateĀ the United Nations charter agreement, Venezuelaās sovereignty and represent a ānew imperial aggression and intensify the ... economic ... attack on Venezuelaā.
Maduro also said that the sale of Petro,Ā backed by 5 billion barrels of the countryās oil,Ā āwill allow the country to break the shackles of the [US] dollar and open the doors towards the firm consolidation of the prosperity of our economic and production systemā.
Earlier that day, Trump issued an executive order that immediately āprohibits ... all related transactions, the provision of financing and other transactions by a person from the United States or within the United States, with any digital currency that has been issued by, for or on behalf of the government of Venezuela as of JanuaryĀ 9, 2018ā.
Trump and other critics have claimed theĀ Petro isĀ unreliable. Yet in presales alone, Venezuela has already made more than US$5 billion dollars.
The Petro, which was made available for presale on February 20, is being used specifically to counter US-imposed sanctions and the economic war waged byĀ Washington.
Last month, MaduroĀ said the newĀ digital currencyĀ existsĀ to strengthen Venezuelaās āmonetary sovereignty, to make financial transactions and overcome theĀ financial blockadeā. Other countries subject toĀ US sanctions are now consideringĀ launching their own cryptocurrencies.
Data released byĀ Carlos Vargas, Venezuelaās Superintendent of Cryptocurrency and Related Activities, shows that more than 83,000 personsĀ inĀ 127 countriesĀ have madeĀ certified purchase offersĀ for the stateās cryptocurrency.
Maduro also said Venezuela was preparing a new cryptocurrency called āPetroĀ goldā that will be backed by precious metals.
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