Earlier, the citizens of the United States had little to worry about regarding the violations of U.S. sanctions against a specific country but the case is different now and cryptocurrency has already changed the pattern. Trump’s administration in an attempt to circumvent economic sanctions has given an Executive Order 13827 which forbids the U.S. citizens from trading in Petro. To tell you, Petro is a cryptocurrency created by the Maduro regime in Venezuela.
The Forbes magazine earlier reported that how Congress took this Executive Order under consideration in establishing a far-reaching law with respect to cryptocurrencies held by U.S. citizens. It further explains the govt. responsibilities as to the impact on economic sanctions against foreign countries.
Details of the U.S. Executive Order 13827
The Executive Order given by the U.S. govt. after amendment, prohibits U.S. persons from transacting in any digital currency, digital token, that was issued by, for, o on behalf of the former Maduro regime on or after January 9, 2018. Anyone who transacts with the sanctioned individuals and entities, such as the former Maduro regime or PdVSA and regardless of currency of the transactions, risks exposure to U.S. sanctions.
The idea of the Maduro regime is announcing oil and gold for sale in exchange for Petro is a stark reminder that any economic exchange with Venezuela-whether bitcoin, ethereum, or any other cryptocurrency-runs to a very close line to the sanctions by the U.S government.
In a statement given by the State Department Spokesman for the Western Hemisphere, it was stated that, “Anyone who transacts with the sanctioned individuals and entities, such as the former Maduro regime or PdVSA and regardless of currency of the transactions, risks exposure to U.S. sanctions.”
Other than this, no further specification were mentioned, and hence, it also unclear that if U.S. citizens transact in bitcoin or ethereum over an exchange- and if there is no direct identification of from whom you are purchasing and trading cryptocrrency with- then what are the responsibilities or risks are to those in citizens in terms of supporting a dictatorial regime in South America.