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Monday, 19 March 2018

Donald Trump Bans Venezuelan Cryptocurrency


The President of the United States; Donald Trump has signed an executive order restricting all American citiens from buying the Venezuelan cryptocurrency; Petro. What this means is that the cryptocurrency which was launched recently by Maduro the President of Venezuela is now illegal.

Summary:


  • The executive order is part of the Trump's administration plan to cut off Maduro's funding.
  • This order is also the first time that the United States will officially be linked with digital currency.
  • Due to it's pseudo-anonymous nature, it would be difficult or the American authorities to catch anyone illegally trading the digital currency on the American soil.
  • The announcement, though it came without warning was no surprise as the target of the announcement is a regime and not necessarily the cryptocurrency.
  • President Trump has issued 65 such orders since he came into office which has made him the 15th most prolific President for issuing orders.
  • The order will not affect US investors though, as they would already have known to avoid it.
  • It may however keep other nations away, so that they do not anger the US.
  • Theoretically, if an executive order can be signed to bar US citizens from using the Petro, an executive order can also be signed to prevent citizens from trading other cryptocurrencies if they view them as threats.
  • Today will go down as the first time an executive order was purposely dedicated for cryptocurrencies.

What are your thoughts? Will this order affect the sale of the Petro? And by how much do you think it will?


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