The US has announced a ban on Venezuela’s cryptocurrency, the Petro, yesterday. As per the executive order signed by president Donald Trump, Americans are forbidden from buying, selling or trading in any virtual currency provided by Venezuela. People have been wondering how the ban will be imposed, considering the level of anonymity that crypto users enjoy. While the details will emerge soon, Venezuelans have already started reacting to this news.
One of the responses come from United Socialist Party’s Vice President, Diosdado Cabello, who took to Twitter to post his thoughts. According to a rough translation, he said:
“Once again, imperialism is wrong in announcing sanctions and blockades against the brave and dignified Venezuelan people, the sell-out lackeys drool when our people suffer. Let’s raise the flags of Bolivar and Chavez, we will win!!”
Cabello also retweeted a statement which mentioned that the US has never banned any other country’s cryptocurrency before, implying that it was an attack on Venezuela itself. Furthermore, in a press conference in Caracas, he expressed his disappointment on the political “warlike” attitude adopted by the US against Venezuela, as reported by Cuba’s local newspaper.
Petro’s public sale begins today – President Nicolas Maduro has said that more than $5 billion has been raised in the pre-sale. The cryptocurrency is facing opposition worldwide over claims that it is impractical. Maduro even ordered local companies to start using Petro, “I order the payment of consular services in all embassies and consulates of the Bolivarian Republic of Venezuela in the world, [and] all consular services in the country, in the petro currency or in any cryptocurrency.”
While Petro was backed by oil, Maduro announced that the country would launch an “even more powerful” coin, Petro Oro, which will be backed by gold. The statement came via Twitter on February 21st but no progress regarding the creation of Petro Gold has been noted yet.
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