The US Senators are seeking stronger sanction measures against Venezuela’s state-backed cryptocurrency Petro. Dubbed as President Maduro’s most ambitious project through which he wants to get the economy back on track is also facing strong protests within the country.
The Senators are mulling introducing the bill known as the Venezuela Humanitarian Relief, Reconstruction and Rule of Law Act of 2018, covers a range of areas related to the country including proposed humanitarian aid to migrants from the country and efforts to support restoring democracy amidst the economic downturn.
The bill sponsored by Senators Bob Menendez, Marco Rubio, Bill Nelson, John Cornyn, Dick Durbin, David Perdue, Ben Cardin, Ted Cruz, Tim Kaine, Michael Bennet and Patrick Leahy and was first introduced on September 24.
The bill takes a part of an executive order signed by US President Donal Trump in March imposing sanctions on Petro. In the latest bill, the Senators proposes further measures including barring US residents to provide software and technological help to the Venezuelan government as a part of its effort to launch Petro.
The bill states:
“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.”
Venezuelan President Nicolas Maduro is transforming the whole economy into a crypto-based economy and a few days back he has replaced the existing currency system with Petro-backed currency system. Lately, the country began charging fees for all its passport application in Petro. The passport applications will now cost an increased amount of 2 Petros for a new one and 1 Petro for an extension.
The Petro which is also dubbed as a copy of open source cryptocurrency Dash will start its public sale from next month.
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