Several years ago, Venezuelan President Nicholas Maduro announced the petro, and let’s have a look at this cryptocurrency. On January 5, 2018, Venezuela’s president announced that Venezuela would issue 100 million tokens of petro. Moreover, in 2017 Maduro stated that petro would be backed by Venezuela’s reserves of oil as well as gasoline, gold, and diamonds. Nevertheless, it won’t be easy to use this crypto.
U.S. President Donald Trump signed an executive order. This order prohibited transactions of any Venezuelan-issued cryptocurrency, by the U.S. person or within the country. This order is in place for more than 2 years.
U.S. authorities and Venezuela’s crypto
Venezuela has the largest proven oil reserves in the world but the local population is struggling to survive due to the scarcity of essentials. Moreover, the country’s government had to deal with sanctions.
Recently. U.S. Immigration and Customs Enforcement (ICE) made the decision to add Joselit Ramirez Camacho to its Most Wanted List. Ramirez Camacho is the superintendent of Venezuela’s petro initiative. As stated above, petro is a cryptocurrency that enjoys support from the country’s oil and mineral reserves.
U.S. authorities accused him of a number of violations related to international commerce as well as his alleged involvement in the international drug trafficking scene.
It is worth mentioning that, ICE’s Homeland Security Investigations (HSI) arm wants to arrest Ramirez Camacho. According to the law enforcement agency, he violated the International Emergency Economic Powers Act and the Kingpin Act. Moreover, he broke several sanctions imposed by the Treasury Department.
Importantly, U.S. authorities are willing to pay up to $5 million for any information that leads to his arrest and conviction. People should take into account that if arrested Ramirez Camacho will be sent to the U.S. The trial will take place in the District Court for the Southern District of New York. Consequently, it is not the best idea to invest in petro.
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