US Concerned about Venezuela’s National Cryptocurrency

March 15, 2018

Bill Nelson, the US Florida senator, has given much critical press on the El Petro cryptocurrency created in Venezuela in his letter addressed to the country’s Treasury Secretary Steven Mnuchin. Nelson conceives, with digital currencies like can evade economic sanctions.

The senator has expressed his dismay that “criminal regimes” in the countries like Venezuela and Russia may use cryptocurrencies to avoid American and international economic sanctions.

Nelson also stated, Venezuela’s president Nicolás Maduro is a criminal who infringes human rights, brings about repressions, undermines democratic institutions and gets engaged in corruption.

“Maduro's regime is a criminal one and targeting the money that fuels it is critical - especially as he appears to be increasingly desperate for financing. Cryptocurrencies potentially offer Maduro and other bad actors the means to avoid banks and other intermediaries to hide their financial activity”, Nelson wrote.

The senator also asked Mnuchin about measures the Treasury Department has taken to prevent Maduro collecting funds with El Petro as well as his plans for crypto exchanges that evade American sanctions.

Remember, El Petro cryptocurrency was created this year with presell having started on February 20. Each token of the digital currency is backed by one oil barrel. Nicolás Maduro wants to avoid sanctions imposed by the US with El Petro.


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