U.S. Senators Are Pushing For Stricter Sanctions Against The Controversial Cryptocurrency-Petro

A group of US senators seriously pressing hard for stricter sanctions against the state-backed crypto- Petro is our latest cryptocurrency news.

According to the Venezuela Humanitarian Relief, Reconstruction and Rule of Law Act of 2018 bill, there are multiple proposed solutions in order to bring democracy back to the country and to help migrants from the country because of the ridiculously long economic crisis that is going on in the country.

Senators such as Marco Rubio, Ben Cardin, Ted Cruz, Michael Bennet and many more provide support to the bill which was introduced on September 24. Here you can find the executive order signed by President Donald Trump that inflicts sanctions on Petro.

Petro is still the most controversial cryptocurrency in the world which is why government representatives want to implement strict regulations and sanctions against it. Trump’s orders go a step further by excluding people from providing any kind of software that can help launch the controversial cryptocurrency.

According to the Bill:

“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.”

Also, in the bill, there’s a section asking for a report about the impact of cryptocurrencies on US sanctions which will oblige the US State Department and the SEC to provide a report with an accurate assessment on how cryptocurrencies affect the efficiency of the US sanctions.