In August, the Trump administration barred the trading of new debt issued by Venezuela's government and state-owned oil company in US markets amid deteriorating humanitarian conditions in the oil-rich nation.
The order specifically targets "any transaction that evades or avoids" previous United States measures against the government of Venezuela.
The White House on Monday continued tightening financial sanctions on Venezuela, issuing an order prohibiting US citizens from making any transactions in the Petro, the socialist administration's newly launched cryptocurrency.
The administration said any investment in the so-called Petro digital curency should be viewed as "directly supporting this dictatorship and its attempts to undermine democratic order in Venezuela". He authorized Treasury Secretary Steven Mnuchin to issue any necessary regulations to enforce his order.
As of today, US citizens, residents and companies can't buy or sell Petro. US officials didn't say if or when they would reach a decision on the matter. The new ban is not surprising since recent sanctions prevent U.S. citizens and companies from doing business with the South American nation.
As Maduro has shown limitless creativeness in attempting to remain in power forever, he has also showed boundless evil by ignoring the humanitarian crisis that have brought tragedy and despair to millions of Venezuelans, many of whom have nearly no choice but to flee their country in order to survive.More news: Conte reveals how Cahill and Morata get back into team
In January, the U.S. treasury department warned that the petro cryptocurrency could violate sanctions against the OPEC nation's socialist government. The U.S. government has been weighing sanctions on Venezuela's all-important oil sector before the nation's presidential election on May 20.
Trump's order describes the petro's initial coin offering as "recent actions taken by the Maduro regime to attempt to circumvent U.S. sanctions", and declares all related transactions unlawful.
Ben Nelson, the U.S Democratic Senator from Florida, spoke up this week saying that Maduro was using a "rouge" digital token to evade USA sanctions.
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.
The new sanctions come as the regime of President Nicolas Madura continues a crackdown against civilians in the country.