Trump bans U.S. use of Venezuelan cryptocurrencies

Trump bans U.S. use of Venezuelan cryptocurrencies

The newest attempt by the Nicolas Maduro government to gather some external funding was to create and sell this cryptocurrency to foreign actors. Rodriguez said that both President Nicolas Maduro and the opposition hope there's a visiting United Nations mission during the elections. Maduro is seeking re-election in May.

President Trump himself plans to attend the Summit of the Americas in Lima next month, where his administration is likely to highlight its efforts to isolate the Venezuelan government.

The Secretary of the Treasury, in consultation with the Secretary of State, is hereby authorized to take such actions, including promulgating rules and regulations and to employ all powers granted to the President by IEEPA as may be necessary to implement this order. The petro went on sale in private auctions in February.

In August, the Trump administration barred the trading of new debt issued by Venezuela's government and state-owned oil company in US markets amid deteriorating humanitarian conditions in the oil-rich nation. The sanctions are not playing a role in keeping the government from financing itself.

Snow and ice for some at first, turning less cold
On the northern side of the storm, heavy snow fell around Denver, with anywhere from 5 to 10 inches overnight in the metro area. The system is still far enough out that models are still highly uncertain of the exact location of the storm, Varian said.

But the truth is that the cost of extracting a barrel of heavy oil - the type found in Venezuelan soil - could be quite significant.

The Venezuelan government has been under pressure to stabilize the country as record money outflows and falling revenues from oil sales have hampered the economy in recent years. "Petro will be an instrument for Venezuela's economic stability and financial independence, coupled with an ambitious and global vision for the creation of a freer, more balanced and fairer worldwide financial system". Production has plummeted and was below 1.6m bpd last month, according to the IEA, down from 1.97m bpd (its Opec quota) last year and 2.24m bpd the year before. The country's central bank only has $9.4 billion left in reserves, most of which is held in gold bars, central bank filings show. Many top opposition candidates are boycotting the election for that reason - and Maduro has also banned many of them. But Falcon, a former member of Maduro's political ideology "chavismo", has struggled to convince Maduro's critics that his candidacy is, in fact, legitimate.

Venezuela launched the Petro last month, and had touted the new cryptocurrency as a way to raise worldwide financing amid Washington's crackdown.

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