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Trump administration bans Venezuelan cryptocurrency transactions

U.S. President Donald Trump issued an executive order banning the purchase of cryptocurrencies sold by the Venezuelan government.

The order prohibits U.S. individuals from conducting transactions related to the digital currency issued by the Venezuelan government on or after Jan. 9 as of 12:15 p.m. EST on March 19. The order authorizes Treasury Secretary Steven Mnuchin to take any actions necessary to implement the order.

President Nicolas Maduro's government announced the creation of a mining cryptocurrency called "petro gold" last month. It created a cryptocurrency backed by Venezuela's crude oil commodities around the same time called the "petro," which raised $735 million during the first day of its presale. The digital currencies were created to help Maduro revive the country's economy in the face of international sanctions.