"I, DONALD J. TRUMP, President of the United States of America, in order to take additional steps with respect to the national emergency declared in Executive Order 13692 of March 8, 2015, and relied upon for additional steps taken in Executive Order 13808 of August 24, 2017, and in light of recent actions taken by the Maduro regime to attempt to circumvent USA sanctions by issuing a digital currency in a process that Venezuela's democratically elected National Assembly has denounced as unlawful". "Instead of correcting course to avoid further catastrophe, the Maduro regime is attempting to circumvent sanctions through the Petro digital currency - a ploy that Venezuela's democratically-elected National Assembly has denounced and Treasury has cautioned US persons to avoid".
Opposition leaders said the sale constituted an illegal issuing of debt, while the US Treasury Department warned it may violate sanctions imposed previous year. To see more, visit WLRN 91.3 FM. "The PTR is another [example] of corruption, and we will come out of this crisis with measures that we have announced from this Parliament".
Venezuela's government has been slowly running out of money for years.
If it's adopted by the cryptocurrency scene, Petro can generate significant revenue for Venezuela, which would otherwise be incredibly hard to obtain through conventional channels. The government said the petro would be backed by Venezuela crude oil reserves, the largest in the world.
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But there are more reasons why the petro is a scam.
Venezuela's oil sector has been suffering across the board already, mostly from neglect by the socialist regime in place since the end of the 1990s.
Third, if -and this is a big "if"- there is a change in government, it is not clear whether a new government led by today's opposition will recognize debt issued by the current government that circumvents the legal requirements established in the constitution, such as the approval by the sidelined opposition-controlled National Assembly. Maduro also said roughly 100 million petro tokens would be issued - estimated to be worth around $6 billion.
"President Maduro decimated the Venezuelan economy and spurred a humanitarian crisis", Mnuchin said in a statement. On the contrary: The problem is Maduro and his government, and the solution is to have free and fair elections.