Donald Trump has banned the use of Venezuelan cryptocurrencies through an executive order prohibiting such transactions by those in the US. Nicolas Maduro claimed that the cryptocurrency raised $735 million in its first day on sale.
The ban complicates the Maduro government's efforts to boost its foreign reserves through a digital token.
"It's a pretty big blow", said Russ Dallen, the managing director at Caracas Capital.
Aside from a U.N. commission visit, Rodriguez also talked about the possibility of observer missions from the Latin American and Caribbean States Community (CELAC), the South American Nations Union (Unasur), the Southern Common Market (Mercosur), the Carter Center and the European Union (EU).
Mnuchin met with other finance ministers on Monday at the G20 conference in Buenos Aires to discuss the situation in Venezuela.
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The Venezuelan government has been under pressure to stabilize the country as record money outflows and falling revenues from oil sales have hampered the economy in recent years. While the trust in the Venezuelan government is at historic lows and the likelihood of massive investment flows from overseas into the Petro are limited, Mr Trump has today prohibited United States citizens to invest in the token sale.
Trump wrote that the sanctions were necessary "in light of recent actions taken by the Maduro regime to attempt to circumvent USA sanctions by issuing a digital currency in a process that Venezuela's democratically elected National Assembly has denounced as unlawful". In a separate move, the administration also slapped sanctions on four current and former senior Venezuelan officials accused of corruption and mismanagement.
A press official for Venezuela's Information Ministry declined to comment.
Maduro drummed up the petro as a way for his administration to tap foreign investment amid the initial wave of United States financial sanctions. That would be a potentially crippling blow to the Maduro government, which depends nearly exclusively on crude sales to sustain what's left of the economy.
Worldwide critics say Maduro will rig the presidential election in May.
"President Maduro decimated the Venezuelan economy and spurred a humanitarian crisis", Mnuchin said in a statement.