Executive Order 13827: Venezuela

What the Executive Order says

Executive Order (EO) 13827 is entitled "Taking Additional Steps to address the Situation in Venezuela" and it has 7 sections.  It was issued in March 2018.

Section 1

This section prohibits US persons from being involved in transactions or funding of digital currencies by, for or on behalf of the Government of Venezuela.

Section 2

This section prohibits transactions that are structured to try and avoid or circumscribe the rule in section 1.

Section 3

This section provides definitions for the terms "person", "entity", "United States person", and "Government of Venezuela".

Section 4

This section instructs the Secretary of the Treasury to take necessary actions to implement this EO.

Section 5

This section describes the justification why no advance notice on the prohibition is warranted and references EO 13692 which called for blocking the property of certain individuals in Venezuela and was issued under the previous administration in March of 2015.

Section 6

This section is a standard clause to ensure the constitutionality of the EO.

Section 7

This section defines when the EO becomes effective.

My Commentary

The sanctions herein are not really significant by themselves.  But I believe that it was an additional necessary step and a sign of technological change in the world's financial structures.  As time has passed, we have seen that the situation in Venezuela has worsen nearly every single week and that the average Venezuelan is suffering from fighting for power that is going on.