Trump bans US use of Venezuelan cryptocurrency

WASHINGTON – The Trump administration is banning all use by Americans of Venezuelan cryptocurrency, saying that its introduction is intended to skirt U.S. sanctions.

In an executive order issued on Monday, President Donald Trump declared illegal all transactions related to Venezuelan digital currencies, coins or tokens. The prohibition applies to all people and companies subject to U.S. jurisdiction. The move follows the introduction this month of a Venezuelan cryptocurrency known as the “petro,” for which the government says it has received investment commitments of $5 billion.

In the executive order, Trump said it was an “attempt to circumvent U.S. sanctions” imposed for democratic backsliding. The Treasury had said in January that the petro appeared to be an extension of credit to Venezuela and warned that transactions in it may violate U.S. sanctions.