{"id":9252,"date":"2018-10-07T00:00:00","date_gmt":"2018-10-07T00:00:00","guid":{"rendered":"https:\/\/crypto-economy.com\/2018\/10\/07\/petro-coin-stronger-sanctions-us\/"},"modified":"2018-10-07T00:00:00","modified_gmt":"2018-10-07T00:00:00","slug":"petro-coin-stronger-sanctions-us","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/petro-coin-stronger-sanctions-us\/","title":{"rendered":"Petro coin could receive stronger sanctions from the US"},"content":{"rendered":"
A group of approximately 10 US senators drafted a bill that includes more rigorous sanctions against Petro<\/strong>, the Venezuelan government-promoted cryptocurrency.<\/p>\n <\/p>\n The bill endorsed by bipartisan Senators Ben Cardin, David Perdue, Bob Mendendez, Michael Bennet John Cornyn, Marco Rubio, Bill Nelson, Dick Durbin, Patrick Leahy Ted Cruz and Tim Kaine, is named Venezuela Humanitarian Relief, Reconstruction and Rule of Law Act of 2018.<\/strong><\/p>\n <\/a><\/p>\n This bill<\/a><\/strong> was introduced at the end of last month, and contains among its pages measures such as humanitarian aid for migrants from the country and a proposal to support democracy restoration in Venezuela.<\/p>\n It also includes a section in which the sanctions imposed on the controversial cryptocurrency months ago by Trump\u2019s executive order appear<\/strong>. As such, it aims to take the President\u2019s sanctions further by prohibiting United States residents from developing software for Petro.<\/p>\n “All transactions by a United States person or within the United States that relate to, provide financing for, provide software for, or otherwise deal in any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela are prohibited beginning on the date of the enactment of this Act<\/em>“, the bill indicates.<\/p>\n On the other hand, it includes a section requesting a report that the US Department of State (DoS), the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC), must submit to Congress committees which must reflects how digital currencies affect the effectiveness of US sanctions around the world.<\/p>\nPrevious sanctions<\/strong><\/h2>\n