First U.S. cryptocurrency ban outlaws Venezuela’s ‘Petro’ coin

The U.S. executive branch issued an executive order prohibiting the use or purchase of Venezuela’s Petro cryptocurrency, claiming the currency was issued unlawfully in an effort to circumvent U.S. sanctions against Venezuela, and in particular the President Nicolás Maduro’s regime.

“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 executive order reads.

The ban comes after Maduro created the cryptocurrency in an effort to stem the tide of rapidly rising inflation. According to Bloomberg, the inflation rate will likely hit 13,000 percent by the end of 2018. The destabilized economy has created a humanitarian disaster and the oil-backed cryptocurrency reportedly hasn’t helped matters — despite Maduro’s claims to the contrary.

Venezuela's President Nicolas Maduro
Venezuela's President Nicolas Maduro (Photo: Getty Images/Fedrico Parra
Venezuela’s President Nicolas Maduro (Photo: Getty Images/Fedrico Parra)

“President Maduro decimated the Venezuelan economy and spurred a humanitarian crisis. Instead of correcting course to avoid further catastrophe, the Maduro regime is attempting to circumvent sanctions through the Petro digital currency — a ploy that Venezuela’s democratically elected National Assembly has denounced and Treasury has cautioned U.S. persons to avoid,” U.S. Treasury Secretary Steve Mnuchin said.

Whether or not this will actually have an effect on cryptocurrency markets remains to be seen. Maduro claimed to have sold around $5 billion in Petro cryptocurrency, but it’s unclear if that is actually true, or if it was a statement made to drive up interest.

“Since most cryptocurrencies are not actually backed by anything real, cryptocurrency speculation is based on the greater fool theory — I can buy this at $100 because there is someone who is a bigger idiot who is going to buy it at $200. When you take the U.S. out of that equation, you reduce the interest and potential for that speculation,” Russ Dallen of Caracas Capital told Bloomberg.

What does this all mean for you? Well, as long as you don’t have any of Venezuela’s Petro in your portfolio, you don’t have anything to worry about. If you do, you might be stuck with it, because this executive order makes it very clear that any transaction involving Petro — even selling it as a result of this ban — is currently prohibited for U.S. citizens.

Product Review

Fascinating Finney phone is crypto in a nutshell: Exciting, but also terrifying

The Sirin Labs Finney phone is to cryptocurrency what the iPhone is to Apple Pay. It facilitates the payment, processing, and exchanging of cryptocurrencies on a smartphone, and surprisingly does it in a user-friendly way.
Mobile

Apple stomps on one FaceTime bug, only to have another one appear

Having fixed a FaceTime bug that let users eavesdrop on calls, another issue with Apple's video chat app appears to have surfaced. It concerns adding people to group calls, though there is a workaround.
Gaming

Bayonetta 3 still in the works, set to launch on Nintendo Switch this year

Bayonetta 3 was notably absent from the latest Nintendo Direct presentation, raising concerns that the game will be delayed. A Nintendo executive clarified that the Nintendo Switch exclusive remains on track for a 2019 release.
Business

Apple loses battle to use Intel modems in Germany in latest clash with Qualcomm

Apple is following the Federal Trade Commission's lead and has sued Qualcomm for a massive $1 billion in the U.S., $145 million in China, and also in the U.K., claiming the company charged onerous royalties for its patented tech.
Deals

Here are the best Chromebook deals available in February 2019

Whether you want a compact laptop to enjoy some entertainment on the go, or you need a no-nonsense machine for school or work, we've smoked out the best cheap Chromebook deals -- from full-sized laptops to 2-in-1 convertibles -- that won't…
Computing

RTX might be expensive, but the 16 series could have the best Nvidia Turing GPUs

Set to debut at a step below the RTX 2060 on the price and performance spectrums, the GTX 1660 Ti and its other 16-series brethren could be Nvidia's killer mid-range cards of 2019 — especially with Tensor Core-powered DLSS.
Product Review

Razer just made our favorite gaming laptop even more powerful than before

The Razer Blade, our favorite gaming laptop, is now more powerful than ever before. That’s thanks to the new Nvidia RTX graphics cards inside. Do they help Razer retain its edge over the competition?
Computing

Ryzen 3000 chips will be powerful, and they might be launched as early as July

AMD's upcoming Ryzen 3000 generation of CPUs could be the most powerful processors we've ever seen, with higher core counts, greater clock speeds, and competitive pricing. Here's what we know so far, based on both leaks and the recent…
Computing

With no plans for merging operating systems, Apple opts to combine apps instead

Apple is working on combining all of the the apps it offers to iPhone, iPad, and Mac users by 2021. App developers will soon be able to build and submit one version of their apps to be used by Apple product users.
Gaming

These are the coolest games you can play on your Google Chrome browser right now

Not only is Google Chrome a fantastic web browser, it's also a versatile gaming platform that you can access from just about anywhere. Here are a few of our favorite titles for the platform.
Computing

Amazon takes $200 off Apple’s latest 13-inch MacBook Air with retina display

Amazon is taking $200 off Apple's latest MacBook Air. This MacBook Air has 13-inch retina display, a built-in FaceTime HD camera, and that classic lightweight wedge shape the Air is loved and known for.
Deals

Samsung drops a solid $100 discount on the Chromebook Pro

If you're in the market for a new laptop, but can't afford to drop $1,000 on one of the best models out there, Chromebooks are an excellent option. Right now, Samsung is offering $100 off the Samsung Chromebook Pro.
Computing

Lost your router? Here's how to find its IP address to help track it down

Changing the login information for your router isn't always easy, that's why so many have that little card on the back. But in order to use it, you need to know where to go. Here's how to find the IP address of your router.
Computing

Between Intel and AMD, these are the best gaming CPUs at every price

What are the best processors for gaming you can buy? You don't need to spend a fortune to get an amazing gaming CPU and now that AMD is competitive again, there are more choices than ever.