Trump Prohibits US Purchases of the Venezuela Petro ICO

Trump issued an order on Monday prohibiting U.S. citizens from participating in the ICO, Petro. The Petro is the Venezuela National Goverments oil-backed cryptocurrency. Trump authorized Treasury Secretary Steven Mnuchin to issue any necessary regulations to enforce this order.

What does this mean?

This is not trump banning crypto or ICO's which I have seen being discussed online. This also does not mean Trump bought the dip and is a hodler which I have also seen people mentioning online. The trump organization issued the order because the Petro ICO violates US and international sanctions on the Venezuela Government. Now given the functionality for Cryptocurrency it would be hard to actually block US residents from investing in the ICO however once the data is in the blockchain from the contribution to the ICO it is there forever. Those ICO tokens and coins that were sent from the originating address will be able to be worked back to

Key Take Away

So please don't invest in foreign dictatorship's ICOs just in the hope of making a quick buck because you may be violating international laws which could come back to harm you in the future. There are paid companies that will do chain analysis to track down bad actors. It is not a very hard task to track payments on the blockchain.

 

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Full Executive Order Here

 

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