US Seek Stronger Sanctions on Venezuela's Cryptocurrency

The bipartisan group of US senators calls for stricter sanctions against cryptocurrency supported by the Venezuelan state, known as the Petro.

The law, known as the Humanitarian Aid Act, the Rebuilding and Rule of Law from Venezuela in 2018, covers a number of areas related to Venezuela, including humanitarian aid from Venezuelan migrants and efforts to support the "renewal of democracy" in the country for a long time of economic crisis.

Bill sponsored by Senator Bob Mendendez, Marco Rubio, Bill Nelson, John Corny, Dick Durbin, David Perdue, Ben Cardin, Ted Cruz, Tim Kaine, Michael Bennet, and Patrick Leahy. It was first introduced on September 24th.

Includes a section reflecting the decree signed in March by US President Donald Trump, who imposed oil sanctions last year, presented by Venezuelan President Nicolas Maduro. Controversial cryptocurrency has attracted criticism and condemnation from some quarters, while the government itself has been trying to implement in various sectors. Earlier this week, Maduro announced that the public sale of oil would begin next month.

However, the Senate law goes even further in Trump's executive order, preventing US residents from providing "software" to the Venezuelan government as part of their petroleum efforts.

"All transactions performed by an American or United States relating to the financing, provision of software or otherwise trading with any digital currency, digital money or digital token for or for the account of the Venezuelan Government prohibited since the adoption of this Law," says law.

Request for a sanction report
The law also includes a section calling for a "report on the impact of the cryptic shock on US sanctions", forcing the US State Department (as well as the Commodity Futures Trading Commission and the Securities and Exchange Commission) to "report to relevant congressional committees assessing how digital currencies affect the effectiveness of US sanctions across the globe ".

If the draft law was adopted and passed, the report would have two main elements. First, this would include details of efforts to use crypt valued to avoid US sanctions.

Secondly, it calls for "recommendations for new legislative and regulatory measures" to abolish such efforts, including direct or indirect use of products or services of technology companies, software or services based in the United States. "

The report should take six months after signing the bill.


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