President Trump on Monday unveiled an executive order banning transactions in the United States that involve cryptocurrency issued “by, for, or on behalf of” the Venezuelan government.
The order, which applies to all U.S. citizens and other people living in the United States, belongs to a broader package of sanctions the Trump administration has leveled against the repressive regime of Nicolas Maduro in recent months.
In February, Maduro launched a version of bitcoin unique to Venezuela — known as petro — that he claimed was backed by the country’s crude oil reserves. The cryptocurrency allowed the government to “circumvent U.S. sanctions,” according to the White House.
Trump is also said to be considering a separate round of sanctions that would target Venezuela’s oil reserves, placing additional pressure on the authoritarian government.
