Venezuela Responds In Kind To Trump’s Petro Ban

Venezuela’s Petro cryptocurrency — a transparent attempt to circumvent sanctions through a forward sale of the country’s oil — has responded with “profound indignation” to the decision of US President Donald Trump to ban any American dealings in the Petro and now, Venezuela has triggered the anger of the nations that enforced those sanctions in the first place.

As reported by local media reports, Venezuela’s government has in turn been furious about the backlash, particularly the reaction of Donald Trump.

On Monday, Trump delivered a preliminary executive order that forbids American citizens and corporations from traveling anywhere near the Petro. Diosdado Cabello, VP of the United Socialist Party of Venezuela, reportedly said that Trump was “wrong” to take such a step and threatens additional sanctions against the Latin American country.

“Today, the emperor Trump has announced measures that will not be easy to execute, but imperialism is seeking to sow fear, to scare the free peoples of the world,” he said.

Cabello included that he felt “profound indignation and rejection at the decision of the North American imperialism, which is intended to submit Venezuela to more blockades, and our people to more sanctions and to more aggression.”

The Petro continues to be buried in mystery, with observers noting there is no evidence of any sale activity.

For example, the NEM address supposedly containing the Petro ICO has not moved at all, raising firm suspicions that no one has yet received the cryptocurrency in case they’ve actually bought it.

Venezuela’s government, on the other hand, claims that it has sold over $5 billion worth of coins.

The Petro ICO appeared under the insistence of Venezuelan President Nicolas Maduro (and with possible help from outside) despite the National Assembly saying that the cryptocurrency was illegal.

They debated that it represented a forward sale of Venezuela’s oil, which would spark more corruption in the country.

Although Maduro and key figures in the United Socialist Party continue to display enthusiasm for the new cryptocurrency, interest has clearly reduced since the sale announced last month.