Trump Bans Venezuelan National Cryptocurrency

U.S. President Donald Trump has issued an executive order to ban Petro in the U.S. As of today, U.S. citizens, residents and companies can’t buy or sell Petro. The executive order says that Venezuelan President Nicolás Maduro is trying to avoid U.S. sanctions against Venezuela with this new cryptocurrency. 

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 A lot of things about that crypto is unclear as the unilaterally determined price by Maduro. Now he can say when ever he wants that Petro is not worth anything without any consequences. Even National Assembly thinks it is illegal. 

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What was the point of Petro anyway? Trump banned it and now what? It's not going to help Venezuela with sanctions. People of this country will still live in misery fighting with hyperinflation. 

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This crypto wouldn't help them anyway. The incompetence of Venezuelan government is their worst sanction. They have already shown their incompetence by turning this oil-rich country into the most distorted economy in the world.

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Venezuela is producing only 1.6 million bpd. That is less than half of what this country was producing 10 years ago. And sanctions has nothing to do with this. Just lack of competence of their government. 

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37 minutes ago, Selvedina said:

 The incompetence of Venezuelan government is their worst sanction.

Classic.

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The only thing worse than the “petro” is the Bolivar 

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