Maduro slams Trump over ban of digital currency

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Maduro slams Trump over ban of digital currency
Maduro slams Trump over ban of digital currency

Maduro slams Trump over ban of digital currency

A day after U.S. President Donald Trump on Monday (March 19) signed an executive order barring any U.S.-based financial transactions involving Venezuela’s new petro cryptocurrency, Venezuelan President Nicolas Maduro slammed the move in damatic terms on Tuesday (March 20).

Speaking in Miranda, Maduro denounced the move as “illegitimate,” equating the policy to Washington treating Venezuela like a “colony.”

Trump’s government warned that “the petro was a scam” by President Nicolas Maduro’s government to further undermine democracy in the OPEC country.

Maduro is hoping crypto-currencies will help Venezuela skirt U.S. financial sanctions as it struggles under hyperinflation and a collapsing socialist economy.

Venezuela rejected the sanctions, which it says are illegal under international law.

On Feburary 20, Maduro said the newly launched oil-backed petro cryptocurrency raised $735 million dollars in the first day of a pre-sale. Maduro also said last month Venezuela is preparing a new cryptocurrency called “petro gold” that will be backed by precious metals.

Any U.S. transactions of the Venezuelan petro conducted before Monday’s order would be considered on a case-by-case basis, a second U.S. administration official said

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