RATE Group | US Senators Seek Stronger Sanctions on Venezuela’s ‘Petro’ Cryptocurrency
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US Senators Seek Stronger Sanctions on Venezuela’s ‘Petro’ Cryptocurrency

05 Oct US Senators Seek Stronger Sanctions on Venezuela’s ‘Petro’ Cryptocurrency

Posted at 23:05h in Cryptocurrency News by

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A bipartisan group of U.S. senators is pushing for tighter sanctions against Venezuela’s state-backed cryptocurrency, known as the petro.

The bill, known as the Venezuela Humanitarian Relief, Reconstruction and Rule of Law Act of 2018, covers a range of areas related to Venezuela, including proposed humanitarian aid to migrants from the country and efforts to support “restoring democracy” amidst its long-running economic crisis.

The bill is sponsored by Senators Bob Mendendez, Marco Rubio, Bill Nelson, John Cornyn, Dick Durbin, David Perdue, Ben Cardin, Ted Cruz, Tim Kaine, Michael Bennet and Patrick Leahy, according to LegiScan.  It was first introduced on September 24.

It notably includes a section mirroring an executive order signed by U.S President Donald Trump in March that imposed sanctions on the petro, which Venezuelan President Nicolas Maduro unveiled last last year. The controversial cryptocurrency has drawn criticism and condemnation from some quarters while the…

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