Donald Trump has banned U.S. citizens from use Venezuela's 'petro' cryptocurrency. This measure was adopted to prevent Venezuela from circumvent strict economic sanctions imposed by Washington.

The executive order banning US transactions in the Petro was signed on March 19. It says that “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, that was issued by, for, or on behalf of the Government of Venezuela on or after January 9, 2018, are prohibited as of the effective date of this order.”

The Peto was launched on February 20. Venezuelan President, Nicolás Maduro, stated that the cryptocurrency had raised about $5 billion. Venezuela is the first country to create its own national cryptocurrency.