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US prohibits transactions with Venezuela's digital currency
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Top Stories |
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IANS | 20 Mar, 2018
US President Donald Trump on Monday issued an executive order
prohibiting US transactions with Venezuela's digital currency, a move to
further block the South American country's access to US financial
market.
The US blocked "all transactions related to, provision of
financing for, and other dealings in, by a US person or within the US,
any digital currency, digital coin, or digital token," which have been
issued by the Venezuelan government since January 9, Xinhua quoted a
White House statement, as saying.
Washington said the new
measure has been introduced to counter the latest attempt from the
Maduro administration "to circumvent US sanctions."
In late
February, Venezuela launched the presale of its own cryptocurrency, a
type of digital or virtual currency, backed by its crude oil reserves,
as a new financing option against financial sanctions imposed by
Washington, which forbid US businesses from lending to the Venezuelan
government or the state-run oil and gas company PDVSA.
The US
Treasury Department said earlier that the digital currency could violate
the sanctions against Venezuela, warning investors who acquire it of
legal consequences.
Venezuela had over $3 billion blocked in the
international financial system due to US economic sanctions, Venezuelan
Foreign Affairs Minister Jorge Arreaza said in December.
The
Venezuelan government has been the subject of increased pressure and
sanctions from abroad, including the US and the European Union, for
allegedly electoral fraud, corruption and causing widespread poverty.
Venezuelan
President Nicolas Maduro vowed in February that his government was
ready to receive international observers to oversee presidential
elections on April 22.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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