A group of US senators seriously pressing hard for stricter sanctions against the state-backed crypto- Petro is our latest cryptocurrency news.
According to the Venezuela Humanitarian Relief, Reconstruction and Rule of Law Act of 2018 bill, there are multiple proposed solutions in order to bring democracy back to the country and to help migrants from the country because of the ridiculously long economic crisis that is going on in the country.
Senators such as Marco Rubio, Ben Cardin, Ted Cruz, Michael Bennet and many more provide support to the bill which was introduced on September 24. Here you can find the executive order signed by President Donald Trump that inflicts sanctions on Petro.
Petro is still the most controversial cryptocurrency in the world which is why government representatives want to implement strict regulations and sanctions against it. Trump’s orders go a step further by excluding people from providing any kind of software that can help launch the controversial cryptocurrency.
According to the Bill:
“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.”
Also, in the bill, there’s a section asking for a report about the impact of cryptocurrencies on US sanctions which will oblige the US State Department and the SEC to provide a report with an accurate assessment on how cryptocurrencies affect the efficiency of the US sanctions.
South Africa Doesn’t Intend On Banning Crypto Trading
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
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