US Bans the Use of Venezuela's Digital Currency

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US President Donald Trump signed an executive order banning any financial transactions using the new cryptocurrency Petro, developed in Venezuela. Trump blames Venezuela for trying to circumvent US sanctions by issuing a national digital currency.

It is assumed that Petro released a month ago is supported by oil reserves and diamonds of Venezuela and has a goal to help the country get out of the prolonged economic crisis.

All transactions with digital currencies and their substitutes issued by the government of Venezuela after January 9th 2018 are prohibited. The order applies to all persons within the jurisdiction of the United States.