U.S. Senators move to sanction Venezuela's cryptocurrency

A group of senators sponsored a bill known as the Venezuela Humanitarian Relief, Reconstruction and Rule of Law Act of 2018 which proposed a variety of support for Venezuela as a result of their recent economic crisis. The bill also places sanctions on the Petro, an oil-backed cryptocurrency announced by Venezuelan president Nicolas Maduro last year. The proposed sanctions would bar U.S. residents from attempting 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," the bill explained. (Source: CoinDesk)