21 March 2018

USA Bans Use of Venezuelan Cryptocurrency- Petro

USA Bans Use of Venezuelan Cryptocurrency- Petro


The Donald Trump administration banned all use by Americans of Venezuelan cryptocurrency (Petro), saying that its introduction is intended to skirt U.S. sanctions.

The prohibition applies to all people and companies subject to U.S. jurisdiction. In February 2018, cash-strapped Venezuela became the first country to launch its own version of bitcoin, the petro.

Source- The Guardian

Static/Current Takeaways Important for NABARD Grade-A Exam 2018-
  • Venezuela Capital- Caracas, Currency- Venezuelan bolívar, Venezuelan President- Nicolas Maduro.
  • The petro is backed by Venezuela’s crude oil reserves which is the largest in the world.

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