US imposes sanctions against Venezuelan digital currency

President Trump has imposed additional sanctions on the Venezuelan government in an attempt to block the regime's new digital currency, which US officials call a "scam" used to evade previous economic sanctions.

U.S. Treasury Secretary Steven Mnuchin said the measures are aimed at forcing President Nicolas Maduro to reverse the course of authoritarian rule that critics say has undermined democracy and the rule of law in Venezuela, causing a deep economic depression.

“President Maduro has destroyed the Venezuelan economy and caused a humanitarian crisis,” Mr. Mnuchin said in a statement announcing the sanctions. Instead of changing course to avoid further disaster, the Maduro regime is trying to circumvent sanctions through digital currency - a ploy that Venezuela's democratically elected national assembly has condemned. The US Treasury has warned US and government officials to avoid investing in el petro or using the currency in any way.

“We call on Maduro to distribute humanitarian aid and stop preventing the US and other countries from providing much-needed aid to the suffering people of Venezuela, and we also call on the Venezuelan military to respect and support the Constitution,” added Steven Mnuchin.

Oil-Rich Venezuela descended into poverty, hyperinflation and chaos amid corruption and economic mismanagement. President Maduro says he is trying to tackle the sharp levels of economic inequality that have long plagued the country.

The sanctions come less than a month before Donald Trump is due to attend the Summit of the Americas in Lima. The Peruvian hosts of the summit said they would not be happy to see Maduro, but the Venezuelan leader promised to attend anyway.

According to https://www.washingtontimes.com