Monday, 10 December, 2018

Russia Helped Launch Venezuela Cryptocurrency To Undermine US Sanctions

Russia Helped Launch Venezuela Cryptocurrency To Undermine US Sanctions Russia Helped Launch Venezuela Cryptocurrency To Undermine US Sanctions
Gerardo Duncan | 22 March, 2018, 02:07

A senior administration official told reporters: "The Petro is a desperate effort by a corrupt regime to defraud global investors".

The move signals Washington is seeking to boost its involvement in the fallout from Venezuela's crisis following several rounds of financial sanctions that have effectively blocked President Nicolas Maduro's ability to borrow money overseas. Not least in the front row of Nicolas Maduro's speech heralding the initial sale of the cryptocurrency, where Time says you would have found Russian advisers, Denis Druzhkov and Fyodor Bogorodsky - both of whom "have ties to major Russian banks and billionaires close to the Kremlin".

Russian officials have been looking for ways to undermine the US dollar. The petro, which first went on presale on February 20th, is the world's first state-backed cryptocurrency. Ever since the US and its allies put sanctions on Russian after it invaded Ukraine, various efforts have been done to have the sanctions lifted. In a statement to Time, the Finance Ministry denied involvement of any government officials in the creation of petro.

It is all, apparently, an attempt to weaken "the West's ability to impose [sanctions] in the future" by weakening the dominance of Western currencies, especially the dollar.

U.S. President Donald J. Trump signed an executive order on Monday, banning American purchases and use of Venezuela's petro cryptocurrency.

For example, the NEM address supposedly containing the Petro ICO has not moved at all, raising strong suspicions that no one has yet received the cryptocurrency in case they did actually buy it. The U.S. official, however, said the Maduro government had refused direct assistance. The move was "in light of recent actions taken by the Maduro regime to attempt to circumvent USA sanctions by issuing a digital currency in a process that Venezuela's democratically elected National Assembly has denounced as unlawful", the White House said. Other state officials like Florida representative Ileana Ros-Lehtinen advocated for humanitarian support for the people in the country.

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