Russian Federation reportedly helped Venezuela launch its petro cryptocurrency to skirt U.S. sanctions

Russian Federation reportedly helped Venezuela launch its petro cryptocurrency to skirt U.S. sanctions

Kerry Wise
March 24, 2018

Data released by Carlos Vargas, Venezuela's Superintendent of Cryptocurrency and Related Activities, shows that over 83,000 persons in 127 countries have made certified purchase offers for the states cryptocurrency.

The extra money, provided through the U.S. Agency for International Development, will provide emergency food and health assistance as the Colombian government struggles to provide necessary medical and social services, said Mark Green, USAID administrator.

The government in Venezuela, led by President Maduro, has been pitching petro as one of the key instruments to boost the country's crumbling economy, which has found itself at the receiving end of severe hyperinflation and devaluation for years.

Time magazine is alleging that much of the work behind Venezuela's Petro cryptocurrency was done by representatives of the Russian Federation, with the distinct aim to "erode the power of US sanctions".

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It is the first funding by the US government's main aid agency to help Venezuela's neighbours deal with the influx of hundreds of thousands of people trying to escape hunger and poverty in Venezuela. "Instead of correcting course to avoid further catastrophe, the Maduro regime is attempting to circumvent sanctions through the petro digital currency - a ploy that Venezuela's democratically elected National Assembly has denounced and Treasury has cautioned US persons to avoid". Then while governments place sanction on the Maduro regime in an attempt to weaken it, the Dash community is volunteering to give direct aid to Venezuelans by donating Dash.

Trump and other critics have claimed the Petro, backed by Venezuela's oil reserves - the largest in the world - is unreliable. The Head of State said that the objective of the Gran Mision Venezuela Vivienda is to arrive at the five million homes built to assign them to the same number of families. Thus the citizens of Venezuela should not suffer much from this ban since Venezuelans are utilizing other cryptocurrencies to escape the bad policies of their government.

Another U.S. official cited United Nations data showing more than 1.5 million Venezuelans have been displaced by the crisis.

On Monday, President Trump signed an executive order immediately banning all use by Americans of Venezuelan digital currencies, coins or token issued on behalf of the Venezuelan government.