News

U.S. Senators Push for Stronger Sanctions Against Venezuelan Petro

U.S. Senators Push for Stronger Sanctions Against Venezuelan Petro

A bipartisan group of senators in the United States are seeking strong sanctions against Venezuela’s Petro. The proposed sanctions would extend an executive order from March to prohibit U.S. residents from providing software to the Venezuelan government in its efforts to launch the Petro.

Also Read: Venezuela Demands Citizens Pay for Passports With Petro

U.S. Lawmakers Seek Tighter Sanctions Against Petro

U.S. Senators Push for Stronger Sanctions Against Venezuelan PetroA bill sponsored by U.S senators Senators Bob Menendez, Marco Rubio, Bill Nelson, John Cornyn, Dick Durbin, David Perdue, Ben Cardin, Ted Cruz, Tim Kaine, Michael Bennet, and Patrick Leahy has sought tighter sanctions against Venezuela’s state-backed cryptocurrency.

The bill, first introduced to Congress on the 24th of September and titled the ‘‘Venezuela Humanitarian Relief, Reconstruction, and Rule of Law Act of 2018,” extends upon an executive order signed by President Donald Trump during March that placed sanctions against Venezuela for seeking to bypass existing economic sanctions via the Petro. Further, it prohibits U.S. residents from “provid[ing] software” to the Venezuelan government in its move to launch the Petro.

The bill states: “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.”

Bill Ostensibly Seeks to Provide “Humanitarian Relief” To Venezuelans

U.S. Senators Push for Stronger Sanctions Against Venezuelan PetroThe act is described as intended to “provide humanitarian relief to the Venezuelan people and Venezuelan migrants, to advance a constitutional and democratic solution to Venezuela’s political crisis, to address Venezuela’s economic reconstruction, to combat public corruption, narcotics trafficking, and money laundering, and for other purposes.”

Jerry Brito, the executive director or Coin Center, stated of the sanctions: “While Venezuela’s attempt to issue a cryptocurrency is novel, there’s nothing new about the U.S. restricting financial dealings with sanctioned countries,” adding “Issuing a cryptocurrency is not going to help Venezuela escape sanctions.”

The official public sale of the Petro is scheduled to commence on the 5th of November.

What is your response to the reaction of the United States government to Venezuela’s plans to launch the Petro? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

Tags in this story
Against, Maduro, N-Featured, Petro, Push, Sanctions, Senators, Stronger, U.S., United States, US, Venezuela, venezuelan
Related
US ETF Ruling to Inform South Korean Cryptocurrency Market
US ETF Ruling to Inform South Korean Cryptocurrency Market

Local media has reported that a South Korean exchange is waiting for regulators in the United States to make a… read more.

Indian Trade Association Calls for Fast Crypto Regulation to Drive Growth
Indian Trade Association Calls for Fast Crypto Regulation to Drive Growth

The Indian National Association of Software and Services Companies (Nasscom) has released a report that calls for regulatory certainty, particularly… read more.

sickmerchprinting@gmail.com'
Samuel Haig

Samuel Haig is a journalist who has been completely obsessed with bitcoin and cryptocurrency since 2012. Samuel lives in Tasmania, Australia, where he attended the University of Tasmania and majored in Political Science, and Journalism, Media & Communications. Samuel has written about the dialectics of decentralization, and is also a musician and kangaroo riding enthusiast.