Finance News
By Dan Saada
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The United States Congress is considering nearly 20 bills which are related to blockchain technology, each during different stages.
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Jason Brett, Founder, and CEO of Value Technology Foundation, opine that "Of all the bills, only one bill is of particular consideration to cryptocurrency users."
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An executive order signed by U.S. President Donald Trump in the last year banned U.S. citizens, organizations, and permanent residents from buying, holding or trading the petro.
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Venezuelan Central Banks have experienced several decades of hyperinflation, and they came up with the Petro to "circumvent U.S. sanctions.”
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Senate Bill 1025, will necessarily make law by an executive order signed by the U.S. president.
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The Venezuelan petro can be obtained and spent on goods across the world, just like one spends a Bitcoin or any other cryptocurrency.
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Senate bill 1025, officially is known as The Venezuela Emergency Relief, Democracy Assistance, and Development Act of 2019, or the VERDAD Act in short.
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According to Brett, a previous lead associate, this bill, when passed, could set forth a dangerous precedent for other cryptocurrencies.
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This Bill was proposed by Democratic senator Robert Menendez of New Jersey in April. If this bill is approved, the Petro would be the first kind of cryptocurrency, which…
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Brett further stated, "The implications for this are huge because it could be a Bitcoin or some other cryptocurrency inserted into this language.
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The IRS is meanwhile blindly behind cryptocurrency traders. The IRS has sent more than 10,000 warning letters to suspected cryptocurrency holders and traders concerning…
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The 6174-A, 6173 and CP2000 letters have been delivered to cryptocurrency traders across the country, and several of them are seeking tax help due to fear of penalties.
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