President Trump bans Venezuela’s cryptocurrency

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Venezuela is the first country to create its own crytpocurrency, after it announced the oil-backed Petro last month. The coin, which is expected to make its debut on public exchanges in April, is highly controversial, and not for the usual reasons players in this market are frowned upon. Critics say that Petro is used by the Venezuelan government to circumvent international sanctions, which is a serious-enough concern for the US government that President Trump decided to ban the use of Petro in the country. If it’s adopted by the cryptocurrency scene, Petro can generate significant revenue for Venezuela, which would otherwise…

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