President Donald Trump has issued an executive order to ban Venezuela's new national cryptocurrency, the petro.
His order also makes reference to Venezuela's National Assembly being in opposition to the launch of the petro.
In February, Venezuela launched the petro, allegedly raising $735 million, according to Maduro's tweet.
Many experts have expressed doubt over the digital currency, which Maduro has proposed as a means for Venezuela to "Overcome the financial blockade," likely in reference to sanctions imposed by the US and the EU. Venezuela's actual national currency, the bolivar, suffers from quadruple-figure inflation, and one bolivar is currently worth 0.00003 USD. The executive order to ban the petro isn't that surprising, considering the US's current sanctions on Venezuela.
The US Treasury warned domestic investors back in February not to touch petro in case it violated sanctions, saying "The petro digital currency would appear to be an extension of credit to the Venezuelan government" and "Could therefore expose US persons to legal risk."
"While Venezuela's attempt to issue a cryptocurrency is novel, there's nothing new about the US 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."
Beginning the long, rewarding journey through Jerry Brito‘s & Coin Center’s Report on “The Case for Electronic Cash.” This is an incredible work present several case studies to explore the trade offs of privacy and individual autonomy, the nature of an open society, the consequences of a fully intermediated society, and how cash plays a critical role in it all. Jerry Brito från Mercatus-institutet avslutade panelen och började med att säga att digitala valutor inte är nya. Bitcoin har utsikter till varaktigt värde och är världens första helt decentraliserade globala valuta. Bitcoin möjliggör transaktioner online som är jämförbara med varandra utan återkrav och inga transaktionsavgifter. Han kom överens om att det kan finnas en ... The opposition most notably came from Jerry Brito’s Coin ... Bill AB -1326 required participants to pay an up-front $5,000 USD application fee and $2,500 annually, which many people believed ... ^ (EN) Jerry Brito e Andrea Castillo, Bitcoin: A Primer for Policymakers (PDF), su Mercatus Center, George Mason University, 2013. URL consultato il 18 luglio 2017. ^ (EN) Man Throws Away 7,500 Bitcoins, Now Worth $7.5 Million, in CBS DC, 29 novembre 2013. URL consultato il 18 luglio 2017. Jerry Brito. July 13, 2020 There is no such thing as “a bitcoin” ... whenever I detect one being part of an exchange for electronic USD on an exchange. — David Andolfatto (@dandolfa) July 1, 2020. My shorthand answer to this question is, no because there are actually no such things as “a bitcoin” that can be traced. Twitter did not prove to be an auspicious medium to convey what I ...
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Don't bet on the decentralized currency Bitcoin as a retirement investment, says Mercatus Center policy analyst Jerry Brito, but go long on it as the payment... BITCOIN - The PRO's & CON's U.S. prosecutors in Manhattan are sitting on a multimillion-dollar bitcoin gold mine. And it could get much bigger. Federal authorities hauled in 29,655 units of the ... In Part 8 of the Bitcoin Beginner’s Guide I talk to Peter Van Valkenburgh & Jerry Brito the Director of Research & Executive Director at Coin Center a non-profit focused on the policy issues for ... Federal agencies will attempt to regulate Bitcoin, according to the Mercatus Center's Jerry Brito. Given that regulation simply cannot control the new curren... Jerry Brito, Executive Director of Coin Center, and Peter Van Valkenburgh, Director of Research at Coin Center discussed the work that they've been doing on state money transmission regulation ...