The Trump administration targeted Venezuela's new bitcoin-like currency Monday, prohibiting Americans and US companies from dealing in the digital currency.
Maduro had announced late past year that he was creating the digital currency to outmanoeuvre US sanctions preventing Venezuela from issuing new debt.
Venezuela rejected the sanctions, which it says are illegal under global law. The White House recently barred USA banks from purchasing new Venezuelan debt, one of the biggest blows to Venezuela's economy.
Jose Luis Diaz, a spokesman for U.N. political affairs, said Tuesday: "The U.N. Secretary General is considering a request from the Venezuelan government for the accompanying of the electoral process in the run-up to presidential polls set for 20 May". To see more, visit WLRN 91.3 FM. The Venezuelan government often blames the sanctions for the country's economic crisis. The US government could have banned Bitcoin and other players already, and in handpicking Petro now it looks to indicate that it has no intention of putting a damper on adoption in the foreseeable future - although it could very easily do so. "While Venezuela's attempt to issue a cryptocurrency is novel, there's nothing new about the USA restricting financial dealings with sanctioned countries", says think tank Coin Center executive director Jerry Brito, "Issuing a cryptocurrency is not going to help Venezuela escape sanctions".
The South American country has been hit hard by hyperinflation and a shortage of cash.
"The Vice President will call on all members to increase pressure on the Maduro regime to restore the country's democracy and address the humanitarian crisis unfolding in Venezuela", Pence's spokeswoman, Alyssa Farah, said today in a statement.
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Doing so could impact civilian Venezuelans, as well as the government, and could have a destabilizing impact on the entire economy in the Caribbean, not to mention a harmful effect on the USA economy as well, a US official told reporters Monday. Not only that, the government has also been cracking down on cryptocurrency crimes this year.
Sen. Marco Rubio (R., Fla.) applauded Monday's action against Venezuela.
Washington said the new measure has been introduced to counter the latest attempt from the Maduro administration "to circumvent USA sanctions".
The new sanctions come as the regime of President Nicolas Madura continues a crackdown against civilians in the country. USA officials didn't say if or when they would reach a decision on the matter.
Venezuela and its citizens within the cryptocurrency space remain strongly divided on the subject.
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