United States to provide $2.5M in aid to Venezuelan refugees in Colombia

by Abel Hampton March 23, 2018, 18:14
United States to provide $2.5M in aid to Venezuelan refugees in Colombia

The ban, however, is hardly surprising considering that President Trump and his government has been calling the token an institutionalized effort to circumvent U.S. sanctions.

Adding more to the ongoing controversies, the USA government has signed an executive order prohibiting American companies and citizens from dealing in petro.

Earlier that day, Trump issued an executive order that immediately "prohibits. 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 January 9, 2018". However, Mr Maduro stated the oil-backed cryptocurrency would be a ideal tool for outfoxing sanctions and earning precious money flow back into the country. Its value is tied to the nation's oil reserves and is meant to be used to pay taxes, fees and other public needs. Yet in presales alone, Venezuela has already made more than US$5 billion dollars. However, his claims are unsubstantiated with no evidence of any funds changing hands.

Meanwhile, U.S. Senator Bob Menendez, who has repeatedly called for action against the petro, said he welcomed the new sanctions, but added that the "international community must continue coordinated efforts to increase pressure on the Maduro regime". The document includes a list of sanctions against Venezuela that are presently active.

"The Petro, therefore, will allow Venezuelans to carry out financial operations with other countries and even among the inhabitants themselves, without having the controls or warnings of the United States, which can not impose its rules".

Another U.S. official cited United Nations data showing more than 1.5 million Venezuelans have been displaced by the crisis.

Rep. Ileana Ros-Lehtinen is asking the Treasury Department to investigate a former congressional intern who's now helping Venezuela's socialist government develop a cryptocurrency to evade USA sanctions. Venezuelans have seen their currency suffer from over 2,500% annual inflation and their economy destroyed by a corrupt and ignorant government. The country is also faced with food shortages due to pricing controls rampant across the country, coupled with high unemployment levels. Indeed Kremlin advisors have described the dollar as a "whip that the Americans use" to enforce its will. Russia, of course, is also under sanction from the U.S. and the European Union following its invasion of parts of Ukraine. The writer has no position in any cryptocurrency as of the date of this writing.

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