U.S. President Donald Trump yesterday blocked the use of Venezuelan crypto currencies through an executive order prohibiting such transactions by those in the United States, the White House said in a statement.

The order bars “all transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, any digital currency, digital coin, or digital token,” issued by Venezuela’s government since January 9, the statement said.

Venezuelan President Nicolas Maduro is hoping crypto currencies will help Venezuela skirt U.S. financial sanctions as it struggles under hyperinflation and a collapsing socialist economy.

On February 20, he said the newly launched oil-backed petro crypto currency raised $735 million in the first day of a pre-sale. Maduro also said last month Venezuela is preparing a new crypto currency called “petro gold” that will be backed by precious metals.

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