OFAC publishes Venezuela cryptocurrency FAQ

Virtual currencyOFAC has published an FAQ relating to US person involvement in the Venezuelan government’s proposed digital currency (announced by President Maduro in December 2017).

It states that a currency carrying rights to receive commodities in specified quantities at a later date (something which President Maduro indicated in his proposal), would “appear to be an extension of credit to the Venezuelan government. Executive Order 13808 prohibits US persons from extending or otherwise dealing in new debt with a maturity of greater than 30 days of the Government of Venezuela. US persons that deal in the prospective Venezuelan digital currency may be exposed to US sanctions risk.

This entry was posted in USA, Venezuela by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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