Trump Bans Purchase Of Venezuela’s New National Cryptocurrency; The Petro

President Donald Trump has issued an executive order to ban Venezuela’s new national cryptocurrency, the petro, from being purchased by Americans or by anyone inside a US territory. The ban is the first cryptocurrency-related executive order a president has issued.


As of today, U.S. citizens, residents and companies can’t buy or sell Petro. The executive order made by President Trump says that Venezuelan President Nicolas Maduro is trying all he can to avoid the U.S cautions on its new cryptocurrency.


Before the ban, back in January, the U. S Treasury department has warned U.S investors. In December, Maduro unveiled its first cryptocurrency. He said “that despite the country going through an economic crisis, that petro will help bounce back the economic and also added that the token will be backed up with the oil and mineral reserves. But the main issue for the ban of the token is that Venezuelan government unilaterally fixes the price of the Petro.


The government despite publishing multiple whitepapers, it’s still unclear if Petro is based on the Ethereum blockchain or NEM blockchain. And they raised over a hundreds of millions of dollars during the pre-sale. And Presale began with one token going for $60. The government is trying to sell $2.3 billion worth.


Venezuela’s government has been slowly running out of money for years. But the pace of the cash drain is accelerating as Venezuelan oil production has fell down in high speed in recent months. The country’s central bank only has $9.4 billion left in reserves, most of which is held in gold bars.


 “Venezuela’s government 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. “Secretary of the Treasury Steven T. Mnuchin said during a press release statement.

- https://www.techbooky.com/trump-bans-petro/

Comments

Post a Comment

Popular posts from this blog

How is Technology Changing Our Definition of What It Means to Be a Human?

Image
The addition of the technology in the life of the humans has affected their lives in more ways than humans can imagine. Now the humans find it hard to even imagine their lives without the existence of the technology. Spectrum Plans are loved by the majority of the residents of the United States because of the good and consistent quality at affordable rates. Where the use of the technology has changed many things about the humans, the public is wondering how the addition of the technology in everyday life of the humans has changed the definition of humans. The debate has been going on different social media platforms for a long time now. Here are some highlights of this hot debate. Connection and Freedom of the Speech With the help of the social media platforms, the majority of the individuals are connected to each other now even if they are living hundreds of miles away. The connection provides humans a chance to speak and share their ideologies and beliefs openly in front of the world
Read more

Microsoft Improves Office 365 Device Limits For Subscribers

Image
Microsoft’s Office 365 service has been a great deal for a long time, and it’s eventually getting better— Soon, Office 365 Home will let six users install an unlimited number of Office applications. In an announcement , recently made by Microsoft, currently the improvement for Office 365 users in which the Office 365 Home allows up to five users but now, what’s new is that Microsoft is raising this limit to six, so each Office 365 Home account gets an additional user. Office 365 is essentially a Microsoft Office subscription. While the family plan, named Office 365 Home, costs $100 per year. For that price, five (soon six) people can install the latest versions of Microsoft Office on their PCs, Macs, tablets, and phones. Each person gets 1TB of OneDrive storage too. Microsoft has made a few account changes that are taking effect immediately. After signing up for Office 365, all user accounts in your Microsoft Family will be automatically given access. You can manage your subscription
Read more

Instagram Adds Emoji Shortcuts For Quicker Comments

Image
If you can"t post comments without tossing in at least one emoji to make your feelings clear, you"ll be glad to know that Instagram has your back. After months of testing, Instagram has introduced an emoji shortcut bar on Android and iOS that offers quick access to your most-used icons when wading into a post"s comments. You won"t have to sift through your phone keyboard emoji selection when you want to send someone a heart touching emoji or tell them their new look is fire. The new shortcut bar is available in a post"s comments section. While typing a comment, you will be shown the set of your most-used emoji. Only the most-used emoji will be available in the shortcut bar. If you want to use a new emoji, you will have to sift through the keyboard manually. Now, you will also have new Superzoom effects to add to your Instagram stories. The new set includes a heart-filled fog with music, paparazzi camera flashes, fire with rock music in the background, a big re
Read more