Trump Bans Transactions with Venezuelan Petros

u.s. president, donald trump, and u.s. vice president MIKE PENCE 

Credit: @WhiteHouse

By: Aporrea-Agencies | Monday, March 19th, 2018 03:04 PM |

03-19-18.- The U.S. President, Donald Trump, suscribed this Monday an executive decree that forbids "all transactions" with "any digital currency" issued by the Venezuelan Government, alluding to "The Petro", the Venezuelan cryptocurrency impelled by the state, appoint international news agencies.  

"The Executive Order forbids, from the date in force, every transaction related, the financing provision and other transactons by any person from or within the United States, with any digital currency issued by, for or on behalf the Government of Venezuela from January 09th, 2018", says the order announced by the White House. 

With the support of the crude reserves, the Venezuelan President, Nicolás Maduro launched the cryptocurrency last month aimed at widening Venezuela's capital drowned by the crisis and in order to avoid the financial sanctions imposed by United States. 

According to Trump, this decision was taken "in light of the recent measures adopted by Maduro's regime trying to avoid the sanctions", with the emission of a digital currency, in a process "the National Assembly democratically elected by Venezuela has denounced as illegal". 

With the support of the crude reserves, the Venezuelan President Nicolás Maduro launched the Venezuelan cryptocurrency in February 2018 aimed at widening the capital of the country, drowned by the crisis, and to avoid the financial sanctions imposed by U.S.A. 

U.S. Senators Bob Menéndez (Democrat), and Marco Rubio (Republican) warned Trump on the consequences of the Venezuelan cryptocurrency soon after Maduro's announcement. Both senators are highly active against the Venezuelan Government in the U.S. Congress.

Both Menéndez and Rubio are high officers of the Senate Foreign Relations Committee. They sent a letter to the Treasury Secretary, Steven Mnuchin, in order to know the mechanisms the U.S. Government counts "to fight" the Venezuelan cryprocurrency. The result is the banning issued this Monday.

The Venezuelan President announced at the beginning of year 2018 the issue of 100 million "Petros" (The Venezuelan cryptocurrency). The Petro was introduced as "The Venezuelan Cryptocurrency". It equals the value of a Venezuelan oil barrel in the international market. President Maduro also announced "The activation and use of virtual exchange houses" for the use of the Petro.

Since Trump's arrival to the White House, the U.S. Government has sanctioned up to dozens of Chavistas leaders, among them the Venezuelan Head of State Nicolás Maduro himself and his Vice President, Tareck El Aissami.

Read the full Statement issued by the U.S. White House, here:

By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), and section 301 of title 3, United States Code,

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 U.S. sanctions by issuing a digital currency in a process that Venezuela’s democratically elected National Assembly has denounced as unlawful, hereby order as follows:

Section 1.  (a)  All transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela on or after January 9, 2018, are prohibited as of the effective date of this order.

(b)  The prohibitions in subsection (a) of this section apply except to the extent provided by statutes, or in regulations, orders, directives, or licenses that may be issued pursuant to this order, and notwithstanding any contract entered into or any license or permit granted before the effective date of this order.

Sec. 2.  (a)  Any transaction that evades or avoids, has the purpose of evading or avoiding, causes a violation of, or attempts to violate any of the prohibitions set forth in this order is prohibited.

(b)  Any conspiracy formed to violate any of the prohibitions set forth in this order is prohibited.

Sec. 3.  For the purposes of this order:

(a)  the term “person” means an individual or entity;

(b)  the term “entity” means a partnership, association, trust, joint venture, corporation, group, subgroup, or other organization;

(c)  the term “United States person” means any United States citizen, permanent resident alien, entity organized under the laws of the United States or any jurisdiction within the United States (including foreign branches of such entities), or any person within the United States; and

(d)  the term “Government of Venezuela” means the Government of Venezuela, any political subdivision, agency, or instrumentality thereof, including the Central Bank of Venezuela and Petroleos de Venezuela, S.A. (PdVSA), and any person owned or controlled by, or acting for or on behalf of, the Government of Venezuela.

Sec. 4.  The Secretary of the Treasury, in consultation with the Secretary of State, is hereby authorized to take such actions, including promulgating rules and regulations, and to employ all powers granted to the President by IEEPA as may be necessary to implement this order.  The Secretary of the Treasury may, consistent with applicable law, redelegate any of these functions to other officers and executive departments and agencies of the United States Government.  All agencies of the United States Government shall take all appropriate measures within their authority to carry out the provisions of this order.

Sec. 5.  For those persons whose property and interests in property are affected by this order who might have a constitutional presence in the United States, I find that because of the ability to transfer funds or other assets instantaneously, prior notice to such persons of measures taken pursuant to this order would render those measures ineffectual.  I therefore determine that for these measures to be effective in addressing the national emergency declared in Executive Order 13692, there need be no prior notice given for implementation of this order.

Sec. 6.  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

Sec. 7.  This order is effective at 12:15 p.m. eastern daylight time on March 19, 2018.

DONALD J. TRUMP

 Read the full Article in Spanish, here: https://www.aporrea.org/economia/n322506.html

English Version: María Eugenia Acero Colomine

Email: acerocolomine@gmail.com

Twitter: @Andesenfrungen

Blog: http://fantasiasneurastenicas.blogspot.com