U.S. Senators Shelled Venezuelan Petroleum Currency Plan

nBuzzing comment: Since Venezuelan President Maduro announced the issuance of the cryptocurrency petro, there has been a lot of controversy over the country’s parliament’s belief that the move is a violation of the law and local religious beliefs. Senators in the United States also criticized the plan to issue cryptocurrencies to avoid economic sanctions. And the country’s many years of severe economic crisis, although Maduro promised to support the value of quality crude oil, but the country’s ability to issue encrypted currency is still being questioned.n
nTranslation: Annie_Xun
US Senators Marco Rubio and Robert Menendez attacked the Venezuelan government’s plan to issue cryptocurrencies.n
In an open letter to U.S. Treasury Secretary Steven Mnuchin, the two consulted Treasury on measures taken to monitor Venezuela’s oil-based cryptocurrency program; its president, Nicolas Maduro, said the move could help countries avoid the global economy Sanctions.n
The two senators want to know how the Ministry of Finance prevented Venezuela from evading U.S. sanctions by encrypting the currency “petro.” In an open letter, the economic crisis in Venezuela lasted for several years, leaving most citizens unable to access basic resources.n
n”We very much doubt whether Venezuela is capable of issuing cryptocurrencies, but in any case, the U.S. Treasury Department must have the tools and enforcement mechanisms to combat the use of cryptocurrencies to evade U.S. sanctions, especially in this case.”n
nThe plan to issue cryptocurrencies in Venezuela has caused no small controversy, even in the country, where Congress criticized it for being illegal and proposed that the legislative branch should vote on tokens issuance.n
It was reported that a white paper on the token was released on social media earlier this month, but the government labeled it as false and said Maduro will publish a white paper later.n

Leave a Reply

Your email address will not be published. Required fields are marked *