People take part in a protest demanding the government attend to the country’s health crisis, in Caracas, Venezuela, Thursday, Feb. Shortages of medicine, medical supplies and services are bitcoin government control avoidable deaths in the South American country.
President Donald Trump will take further aim at the Venezuelan government and restrict U. Venezuela’s new digital currency, according to two U. President Nicolás Maduro launched the government’s own version of a bitcoin last month in order to boost capital and circumvent U. The government claims the so-called Petro is backed by Venezuela’s crude oil reserves, but skeptics say the government contract doesn’t explicitly back the claim. Russ Dallen, a managing partner at the investment bank Caracas Capital Markets, which tracks Venezuelan oil shipments and advises U. People believe its backed by oil, but if you read the contract, it’s really not. Maduro sees the so-called Petro as a means to pull his beleaguered nation out from the crumbling weight of a deepening economic and humanitarian crisis.
The government has promised that Venezuelans will be able to use the coins to pay taxes and public services. The Trump administration has been turning up the pressure on Caracas since Maduro engineered a vote for a new constituent assembly that stripped democratically elected lawmakers of their power. The United States has slapped sanctions against more than 20 current and former Venezuelan government officials in recent months, including on Maduro. The White House has prohibited U. Venezuelan debt, a deep blow to the country’s finances. While Venezuela’s was the first country to launch its own cryptocurrency, many governments have been looking into electronic currencies.
Russian government officials have considered issuing some sort of crypto ruble to evade international sanctions. The Treasury Department didn’t immediately respond to questions about the anticipated sanctions. United States and thwart the intent of U. Maduro and other sanctioned entities from avoiding or undermining U. Nelson asked in a letter to Treasury Secretary Steven Mnuchin. January in noting that the mechanisms could be used by other U.
To what extent is the Department monitoring possible nefarious uses of other cryptocurrencies by Venezuela, Russia, and North Korea? President Trump: ‘We have a big trade deficit with Canada. Please try again in a few minutes. Get Our NewsletterWIRED’s biggest stories delivered to your inbox. Mark Karpeles, the chief executive officer of bitcoin exchange Mt. Gox, center, is escorted as he leaves the Tokyo District Court this past Friday. But on the inside, according to some who were there, Mt.