Recently, a working group composed of two US senators is planning to impose more stringent sanctions on the Venezuelan government that issues oil coins.
In a bill called “Venezuela’s Humanitarian Aid, Reconstruction and Legal Provisions of 2018”, an overview of various areas of Venezuela, including proposals for humanitarian assistance to immigrants from Venezuela, has been in the country for a long time. Supporting its “recovery of democracy” during the economic crisis.
US Senators plan to impose tougher sanctions on Venezuela, which introduces oil coinsIt is worth mentioning that the program also includes an executive order signed by US President Trump in March this year, which aims to impose sanctions on the Venezuelan government that issues oil coins.
The industry believes that although the Venezuelan government’s oil coins have been criticized and condemned by some people, the country is still constantly seeking to develop the encryption industry. The Venezuelan government will sell oil coins to the public next month.
Compared with President Trump’s executive order, the Senate bill further promoted US sanctions against the Venezuelan government. It is reported that the bill prohibits US residents from providing “software services” to the Venezuelan government and helping the government issue any digital currency and tokens.
In addition, the bill also requires the US State Department, the US Commodity Futures Trading Commission, and the Securities and Exchange Commission to submit a report on how effective digital currency affects the United States to evade US sanctions.
If the bill is passed and signed into law, the report will include two main sections. First, the report will disclose details about using cryptocurrencies to evade US sanctions. Second, the report calls for “proposed new legislation and related regulatory measures” to curb this situation.