Petro is a cryptocurrency launched by the government of Venezuela back in February 2018. The cryptocurrency was supposed to be backed by Venezuela’s oil as well as mineral reserves. The U.S. Department of the Treasury already warned U.S. residents against participating in the Petro’s ICO.
Generally, most cryptocurrency users are against Petro and they don’t think it’s acting as a currency.
Donald Trump, president of the United States is now trying to ban Petro for good. The Senate issued a bill, labeled 1025 to ban the Venezuelan cryptocurrency and although most users do not care about Petro specifically, they are concerned about Trump possibly banning other cryptocurrencies.
The bill is due to be voted by the Senate, however, analysts are already predicting that it could turn into a gateway law that will affect the rest of the cryptocurrencies.
Analysts argue that if the U.S. is able to ban this specific cryptocurrency, they could use the same arguments to ban any other cryptocurrency.
This is only 1 cryptocurrency bill among 20 other blockchain bills that are being discussed currently like the ”Blockchain Promotion Act of 2019” or the ”Virtual Currency Consumer Protection Act of 2019”