The U.S. Treasury Department on Tuesday warned that Venezuela's proposed "petro" cryptocurrency could violate sanctions against the OPEC nation's socialist government, a statement that could dent investor appetite for the soon-to-be-launched token.
"Available information indicates that, once issued, the Petro digital currency would appear to be an extension of credit to the Venezuelan government", the government agency spokesman explained, adding that the new cryptocurrency "could therefore expose U.S. persons to legal risk".
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Any such transactions could be a violation of sanctions that prohibit new debt from the Venezuelan state or its state oil company PDVSA, he said, noting: "The Venezuelan Petro currency could therefore expose U.S. persons to legal risk".
As the launch of new "petro" cryptocurrency draws near, a USA government agency declared that this newcomer to the digital financial market may represent a violation of sanctions imposed against Venezuela, its issuer.
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"(It) is another attempt to prop up the Maduro regime, while further looting the resources of the Venezuelan people", the spokesperson added. Prior to joining ETHNews, he interned for the U.S. Securities and Exchange Commission as well as the OECD. He now lives in Los Angeles.
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