BOGOTA, Colombia _ The White House on Monday continued tightening financial sanctions on Venezuela, issuing an order prohibiting U.S. citizens from making any transactions in the Petro, the socialist administration's newly launched cryptocurrency.
The presidential order prohibits U.S. citizens from dealing in "any digital currency, digital coin, or digital token" issued by Venezuela after Jan. 9, 2018.
Venezuela launched the Petro last month, and had touted the new cryptocurrency as a way to raise international financing amid Washington's crackdown.
In August, the U.S. Treasury prohibited U.S. financial institutions from dealing with Venezuelan debt. And more than 20 current and former Venezuelan officials, including President Nicolas Maduro, have been hit with individual sanctions.
The new round of measures comes as Maduro is hoping to win another six-year term during elections on May 20. The United States, Venezuela's opposition leaders and many countries in the region say the snap election _ being held months ahead of schedule _ will neither be free nor fair.
The European Union and Canada have also imposed sanctions on the country.
Venezuela has long accused Washington of using its economic might to destabilize the administration. It claims the financial sanctions in particular, which have kept it from renegotiating some debts and limited its financing, are exacerbating shortages of food and medicine that are fueling a mass exodus.
Monday's decree by President Donald Trump went into effect at 12:25 p.m. Monday.
