The US and South American nation Venezuela is not in very comfortable terms from the last few years. The US government has always accused this oil-rich nation of crime against humanities and promotes regional violence against pro-American states.
No wonder, the cryptocurrency introduced by the Venezuelan government and backed by its vast oil reserve will not be accepted by the Trump administration. Moreover, the current US administration considers this digital currency as a way to bypass US sanctions. Therefore, 19 senators including Ted Cruze, Marco Rubio, and Lindsey Graham sponsored this bill in the house.
If passed, the bill will prevent any uses of Petro by any US citizen, permanent resident, or organization. The uses include buying, spending, trading, or even holding the currency. One of the best things about this digital currency is that it can be used worldwide.
Despite 20 other cryptocurrency bills waiting in the senate for approval, the US senators are more concerned about this one because of the Venezuelan connection. Implementation of the Venezuela Emergency Relief, Democracy Assistance, and Development Act of 2019, or the VERDAD Act, will open up the window to ban other cryptocurrencies in future, said one of the leading associates of Booz Allen Hamilton.