Statement by Administrator Green on USA humanitarian assistance for vulnerable Venezuelans

Presidential Message to the Congress on Cryptocurrency Transactions with Venezuela

They argued that it represented a forward sale of Venezuela's oil, which would spark more corruption in the country. The Treasury Department had already warned that buying the Petro could "expose USA persons to legal risk".

Maduro also said last month Venezuela is preparing a new cryptocurrency called "Petro gold" that will be backed by precious metals.

The United States holds Venezuela's president, Nicolás Maduro, directly responsible for his country's economic devastation.

A chief strategist of Venezuela's government-backed cryptocurrency is a former US congressional intern who once organized protests against the same socialist administration he's now helping to circumvent USA financial sanctions. It is worth mentioning here that the Mnuchin's office issued sanctions on four top Venezuelan government officials earlier in 2018. However, Mr Maduro stated the oil-backed cryptocurrency would be a flawless tool for outfoxing sanctions and earning precious money flow back into the country.

The ban is expected to have serious consequences for Maduro's ongoing efforts to boost foreign currency reserves.

U.S. president Donald Trump has issued an executive order banning United States citizens from buying, trading or dealing in cryptocurrencies (the Petro) related to the Venezuelan government.

Trump and other critics have claimed the Petro is unreliable. Thus the citizens of Venezuela should not suffer much from this ban since Venezuelans are utilizing other cryptocurrencies to escape the bad policies of their government.

Jimenez in an interview defended his work for the government as serving a greater, non-political objective: to empower Venezuelans struggling to feed themselves amid four-digit inflation. The Head of State said that the objective of the Gran Mision Venezuela Vivienda is to arrive at the five million homes built to assign them to the same number of families.

"Beyond sanctions evasion, the Petro was hand-tailored to perpetuate the money laundering and plundering of public resources that has tragically led Venezuela to economic ruin".

On Monday, March 20, the White House released a new cryptocurrency trading ban, signed by the President of the United States, Donald Trump, on the Venezuelan state-issued digital currency, the Petro.

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