February 13, 2020 ∙ Article

As a possible solution to Venezuela’s economic crisis, Venezuelan president Nicolás Maduro created “Petro,” a digital currency backed by oil reserves. In response, the Trump administration issued an executive order prohibiting the use of Petro in the United States. Venezuela has argued that by banning the Petro, the United States has violated its national treatment commitment under the General Agreement on Trade in Services. The United States’ Schedule of Commitments was drafted over two decades ago; therefore, there is a need to consider an update to accommodate new technologies such as cryptocurrencies. This article explores Venezuelan arguments to include cryptocurrencies in the United States’ national treatment commitment, while also theorizing possible exceptions the Americans can use to override any potential national treatment obligations with regards to the Petro.

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