News & Noteworthy

Thinking About Investing in Petro? Not If You Don’t Want OFAC On Your Case

Posted by Chalinee Tinaves on Jan 22, 2018 2:50:14 PM

Unfamiliar with the “petro?” You’re likely not alone given the increasing variations of Bitcoin and other cryptocurrencies with their wild price increases and dips. Back on December 3, 2017, as part of the Venezuelan government’s five-hour Christmas special, Venezuelan President Nicolás Maduro introduced the “petro.”OFAC sanctions Venezuela petro cryptocurrency Unlike Bitcoin or other cryptocurrencies, the petro is not mined and is at the direction of the government. Rather, President Maduro’s government intends for the petro cryptocurrency to be backed by strategic reserves of Venezuelan wealth –gold, oil, gas, and diamonds. According to Maduro, the petro is needed to help the country “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.”

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Topics: Sanctions, OFAC, Venezuela