It looks as if U.S. President Donald Trump's Executive Order has reverse gear in helping to promoting digital currency or better known as Bitcoin Crypto currencies.
President Trump's intention in signing an executive order was to stop Americans citizen from taking part in doing any transactional business involving the cryptocurrencies (digital tokens) issued by Venezuela's Government starting on the Tuesday 9th January 2018.
Could this considered a BIG PR win for Bitcoin and all other Digital Currencies - Venezuelan Petro included?
The ban includes the controversial value of the Venezuela's crude oil reserves tied the cryptocurrency as Venezuela's economy is near collapse!
This is because Venezuela has a huge debit in the region of $150 billion and its currency ("the bolivar") is practically worthless, with huge unemployment rate, and majority Venezuelans can't afford food or medical care.
As a result, Venezuelan President Nicolas Maduro is hoping that the cryptocurrency petro will be a success and come to their rescue.
The executive order which was issued at the Whit House (WH) will effect immediately, as US President Donald Trump declares it an illegal for any US citizen to indulge in business activity related to Petro (Venezuelan digital currencies), coins or tokens.
The petro ban applies to all people and companies subject to United States of America (USA) jurisdiction.
During the moth of February 2018, cash-strapped Venezuela became the first country in the world to launch its own version of digital curreny bitcoin, the petro, in a move that President Nicolas Maduro proclaimed as putting Venezuela at the forefront of the world's technological innovation.
The introduction of petro digital currency could be interpreted as "extension of credit to Venezuela" or an "attempt to circumvent US sanctions" imposed for democratic backsliding.
Since digital currency petro is backed by Venezuela's crude oil reserves, the largest in the world, Bitcoin and cryptocurrencies (digital tokens) are already widely been used in Venezuela as a hedge against hyperinflation.
Naturally in a cash-strapped environment, an easy-to-use mechanism for paying for everything from doctor visits to groceries or honeymoons in a country where illegal black market i sthe only way to acquire money.