Published: Sat, March 24, 2018
Global | By Craig Ferguson

US gives $2.5 million to help Venezuelans in Colombia: USAID

US gives $2.5 million to help Venezuelans in Colombia: USAID

The Trump administration has been increasingly critical of Venezuelan President Nicolas Maduro's government in recent months, citing the regime's corruption, mismanagement of the economy, and civil rights abuses. Venezuela's currency, the bolívar, has suffered from hyperinflation as a result of government mismanagement and United States sanctions. Thus the citizens of Venezuela should not suffer much from this ban since Venezuelans are utilizing other cryptocurrencies to escape the bad policies of their government. Maduro talked about the fulfilling of the objective fixed by then Venezuelan president Hugo Chavez, despite the constant pressure, siege and economic war by the imperialism, referring to the sanctions promoted by the USA and allied in complicity with the Venezuelan opposition sectors. The Treasury Department has also sanctioned four current and former officials who played key roles in Maduro's government and political network.

The executive order does, however, beg the question if the same action can be extended to other more open cryptocurrencies that may be adopted by the Venezuelan government. These prohibit "all transactions" with "any digital currency" issued by the Venezuelan government - alluding to the cryptocurrency promoted by the Venezuelan authorities, known as "Petro". Yet in presales alone, Venezuela has already made over US$5 billion dollars. It also said that as part of Druzhkov's settlement with the Mercantile Exchange in 2014, he did not admit to any rule violations.

On Monday, Trump issued a preliminary executive order that forbids American citizens and corporations from going anywhere near the Petro.

A senior administration official told journalists Monday that while the USA can't block Venezuela from developing the petro, the global reach of the American financial system means its ban will have far-reaching consequences around the world and may force other countries to follow suit.

U.S. Senator Bob Menendez, a Democrat, called for a donor conference to coordinate assistance for Venezuelans. He said in a statement. However, the coin has been criticized by many in the cryptocurrency industry, as well as governments and financial institutions around the world. "Doing nothing would be irresponsible".

Like this: