{"id":3823,"date":"2018-02-08T00:00:00","date_gmt":"2018-02-08T00:00:00","guid":{"rendered":"https:\/\/crypto-economy.com\/2018\/02\/08\/the-petro-generates-anger-in-the-us-congress\/"},"modified":"2018-02-08T00:00:00","modified_gmt":"2018-02-08T00:00:00","slug":"the-petro-generates-anger-in-the-us-congress","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/the-petro-generates-anger-in-the-us-congress\/","title":{"rendered":"The Petro generates anger in the US Congress"},"content":{"rendered":"
Last Tuesday a hearing was held by the Senate Committee on Banking, Housing and Urban Development, in the United States. This was attended by the president of the Commodities Futures Trading Commission (CFTC), J. Christopher Giancarlo and Jay Clayton, president of the Securities and Exchange Commission.<\/p>\n
Both discussed and answered a series of questions, including the importance of their role, because market regulators could be strengthened by new laws.<\/strong> However, the talks focused on Venezuela and its president Nicol\u00e1s Maduro, who seeks to implement a cryptocurrency backed by oil <\/a><\/strong>to avoid sanctions.<\/p>\n Accordingly, Bob Men\u00e9ndez, senator from New Jersey, emphasized whether both agencies would develop a plan regarding the prevention of the use of cryptocurrencies, to avoid US financial sanctions. In addition, he noted that the Russian government is seeking a similar initiative, creating a national cryptocurrency called “Cryptorouble”.<\/a><\/strong><\/p>\n While it is true, something that characterizes Russia and Venezuela is its dependence on oil. So both are considered the countries that have the most oil reserves in the world. Attached to this, are also the sanctions implemented by President Donald Trump.<\/p>\n Both countries were sanctioned by the United States in August for being accused of corruption, drug trafficking, human rights violations and military interference in different European countries and the Middle East. Therefore, restrictions make dollar transactions difficult, as well as the freezing of assets in the country and the revocation of visas.<\/p>\n Although, both governments seem to have found a way to evade this disqualification through the creation of coins. For his part, Giancarlo assured that they are in the spotlight of that situation and that he would not hesitate to act, if he will try to use the cryptocurrency to defraud the American consumers.<\/p>\n <\/p>\n It is worth noting that in January the US Senators Marco Rubio and Robert Men\u00e9ndez, denounced through a new letter sent to the Secretary of the Treasury of the United States, Steven Mnuchin. Such a situation about the cryptocurrency planned by the Venezuelan government.<\/p>\n “We have serious doubts about whether Venezuela has the ability to launch a cryptocurrency, but regardless of that, it is imperative that the US Treasury Department. be equipped with tools and enforcement mechanisms to combat the use of cryptocurrencies to evade US sanctions in general, and in this particular case, “they said.<\/p>\n With respect to Venezuela, OFAC has already made it clear that this currency is beyond the reach of the American people<\/strong>. In turn they added that those who wish to invest, use or accept any currency. It could be cataloged by this organism as evaders of foreign sanctions, which would also cause sanctions.<\/p>\n As an alternative to the bolivar and with an increasingly limited foreign currency budget, the National Government sees in Petro the opportunity to establish a new payment mechanism to meet financial commitments.<\/p>\nPetro as a payment method<\/strong><\/h2>\n