US officials make proposal for stricter measures against El Petro

Posted 10 October, 2018

The US officials have put forward a draft bill to tighten measures against El Petro coin, the national cryptocurrency in Venezuela. Meanwhile, the Venezuelan government keeps promoting the coin.

According to the document, it has been proposed to extend Donald Trump's order as of March 2018, which in fact bans US residents from providing any assistance and means for the promotion of El Petro.

The document reads:

"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."

It is worth mentioning that the officials call the bill as a humanitarian help to the Venezuelan people and Venezuelan migrants to overcome the economic crisis in the country and begin economic reconstruction.

At the same time, the Venezuelan government does not worry about US sanctions. Moreover, earlier these measures were considered by the Venezuelan government as a free advertisement of the coin.

For reference, Nicolas Maduro stated last week that public trading of an oil-backed coin might start in early November.

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