The new cryptocurrency cannot be legally traded in the USA:
With the economy in shambles and the country cut off from debt markets, Venezuela President Nicolás Maduro launched the so-called petro cryptocurrency last month in a bid to skirt intensifying financial sanctions from the U.S., the European Union and others aiming to punish the government for its authoritarian rule.
“Investing in the petro should be seen as investing in the dictatorship,” a senior U.S. official said after President Donald Trump signed an executive order banning the currency.
Indeed, (emphasis added)
U.S. officials say any other cryptocurrencies created by Venezuela’s government in the future will also be subject to the ban, which took effect immediately. Echoing the U.S. action, Venezuelan lawmakers opposed to Mr. Maduro say the petro is illegal because it was created without parliamentary approval, raising questions about the asset’s validity if there were a change of power.
The petro is the regime’s cheap excuse for a make-believe revenue source in exchange for nothing. If they were simply oriented towards creating a money laundering tool, there’s plenty of bitcoin action in that direction.
In other Venezuela news,
Tuberculosis is on the upswing
A city issues its currency: Venezuelan City Launches Its Own Currency Amid Cash Crunch
How can #Maduro say that the central bank of Venezuela is strong? Individual regions in Venezuela are starting there own "mini" central banks in order to print their own currencies. #socialism at its finest folks. https://t.co/PmIapDJF0c
— Prof. Steve Hanke (@steve_hanke) March 20, 2018
Even the Russians are starting to worry: Rosneft seeks to ease fears over Venezuela loans.
Russian oil producer says repayments are being made on schedule
Last, but not least,
Venezuela's annual inflation rate for today, 3/20/18, is 8243%. pic.twitter.com/yK04z5txol
— Prof. Steve Hanke (@steve_hanke) March 20, 2018