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  • Trump and other critics claim the Petro, backed by Venezuela's oil reserves – the largest in the world – is unreliable.

    Trump and other critics claim the Petro, backed by Venezuela's oil reserves – the largest in the world – is unreliable. | Photo: Reuters

Published 17 March 2018

The latest sanctions are believed to be part of a larger set which will once again target Venezuelan officials and other government associates.

U.S. President Donald Trump has announced fresh sanctions against Venezuela's fledgling Petro cryptocurrency, which was launched specifically to help stabilize the Latin American nation's economy.

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Maduro: 'Venezuelan Youth Should Create Cryptocurrency Farms'

The blockade, due to be signed and implemented Monday, restricts the use of Petros in U.S. financial transactions, McClatchy reports.

Trump and other critics have claimed the Petro, backed by Venezuela's oil reserves – the largest in the world – is unreliable. Yet in presales alone, Venezuela has already made over US$5 billion dollars.

The Petro, which was made available for presale on Feb. 20, is being used specifically to counter U.S.-imposed sanctions and the economic war waged by Washington.

Last month, President Nicolas Maduro said the new digital currency exists to strengthen Venezuela's "monetary sovereignty, to make financial transactions and overcome the financial blockade." Other countries subject to U.S. sanctions are now considering launching their own crypto-currencies.

Venezuela has yet to officially respond to news of the latest round of penalties imposed upon it by the United States, believed to be part of a larger set which will once again target Venezuelan officials and other government associates.

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