The purchase of the El Petro coin will be regarded as providing a loan to Venezuela
Sanctions that the US government imposed on Venezuela have caused that US citizens can not invest in the national currency El Petro.
It is reported that investment in this cryptocurrency will be regarded by the US Treasury as providing loans to Venezuela. Potential investors from the states were aware of the possible consequences of buying El Petro – the Treasury is closely watching the choice of citizens’ investments, and if it is discovered that someone is buying Venezuelan national currency, the careless investor will have to answer all the strictness of the law.
Sanctions against Venezuela saw the light last summer. The decree on their introduction was signed by Trump in August. Out of the law from this moment were operations with government securities and debt obligations issued by the leadership of the “disgraced” country.
Recall that the Ministry of Finance of Venezuela explained the need to introduce the national cryptocurrency into the economy of the country by the fact that it will help overcome the economic blockchain and solve the financing problems. El Petro is provided with 5 million barrels of crude oil.
It is also known that the parliament of this South American country considers illegal ICO El Petro, which has already been held, but President Nicholas Maduro, supported by the government, announced the start of the emission of the first 100 million national currency coins.