On Monday, President Trump signed an executive order declaring Venezuela’s Petro digital currency off limits to US citizens. This is the first time the US has banned a cryptocurrency
The US accuses Venezuela of trying to circumvent US sanctions against the country by issuing the controversial currency.
The Petro is claimed to backed by Venezuela’s oil and diamond reserves, and was issued a month ago to help the country out of its money crisis. In February, the initial coin offering raised $735 million, per the nation’s president Nicolas Maduro.
Maduro himself has said the digital currency is also designed to overcome economic sanctions, which the US has used to punish the country’s government over human rights abuses.
Trump’s orde prohibits US citizens and institutions from dealing with the Venezuelan government using the digital coin.
