Trump’s Plan to Ban the Petro Could affect all Cryptocurrencies

[Slow death]

According to this article, the Senate Bill 1025 will provide the blueprint on how to ban a cryptocurrency, and some think the ban will come all the way to bitcoin!

if we read this same news here: https://www.forbes.com/sites/michaeldelcastillo/2019/09/14/trump-executive-order-banning-a-cryptocurrency-could-mutate-into-far-reaching-law/#770cbe3955d2

It can be seen that this really is very worrying news because bitcoin is labeled as a means for many scammers to steal money and has the money laundering issue that many governments use as an argument. such a law is like a gun on hands of trump that can shot and will affect bitcoin

It is a scary thought and even though nobody can completely ban bitcoin, they may just cripple the ramps to it. You know, make it illegal and close down all the exchanges and such.

if all countries in the world banned bitcoin, bitcoin would eventually die

[gentlemand]

Can anyone point to one single Petro transaction anywhere? As far as I know it still doesn't exist.

This has not a great deal to do with crypto. If Maduro was trying to circumvent sanctions by using trans chickens the Americans would ban Venezuelan trans chickens.

[squatter]

If Maduro was trying to circumvent sanctions by using trans chickens the Americans would ban Venezuelan trans chickens.

That's exactly the rationale people are afraid of -- that any instrument being used by the Maduro regime to circumvent sanctions might end up being targeted. It doesn't make sense though because the same rationale could be applied to any asset, from gold to the US dollar.

The real issue here is the Petro is centrally issued and redeemed by the Maduro regime. That obviously doesn't apply to decentralized assets like bitcoins.

[Leyss]

I do not think that in this case it is necessary to fear for cryptocurrency. Maduro, using his coin, Petro wanted to avoid US sanctions on Venezuela. Although Trump is not very friendly with cryptocurrency, in this case there is no relationship between this ban and cryptocurrency in general. Petro is Venezuela’s cryptocurrency and its value is equal to the cost of one barrel of oil, which is approximately 60 dollars. The United States will soon have a re-election of the president, so Trump will have other concerns than dealing with the cryptocurrency ban.

[davis196]

rump banning bitcoin..common, let's be serious. He has no reason why, nothing to gain from and I'm 99% sure he doesn't really have a clue how it works.
His actions against the petro are only because the moron in Caracas managed to draw all attention on it and labeled it as the 128121721th dollar killer.

It's not Trump.It's his team of advisors or some congressmen in the US congress.They could easily pass the bill of banning bitcoin and all cryptocurrencies,if Wall Street or FED tell them to do so.
Even Trump can ban bitcoin.He's unpredictable,if he sees any minor benefit of a cryptocurrency ban,he would definitely go for it.

[redsun114]

It may, it may not and this totally depends on how cryptocurrency investors let this news affect them.
Even though I see no reason why president Trump will want to ban Bitcoin specifically, I feel it's only Bitcoin holders are the one who lets their emotions manipulate the price.
If the Petro ban happens, people create unnecessary FOMO that put pressure in others which leads to selling.

I never for once saw success in this project Petro because it will definitely not be accepted and can only be used in the country that is creating it. Many of us knows the dilemma that Venezuela has found itself and how they are just trying to use the Petro coin to selvage their situation which I don’t even think that is the right approach, before they can think of creating any system, they ought to first of all settle their internal problem which the problem I see with Venezuela is government and that is what led to the economic crisis that they are having till date.

Trump does not really need to ban the coin before it gets its gets no value when it is being released, as far as I know, there is no way that petro can cross border, and this coin can only be used within their system, now what is the population of Venezuela and what is the population of those that are technologically inclined to be able to use the coin.

[Tylev]

Venezuela’s cryptocurrency ban plan, Petro, is directed only against this state and its cryptocurrency, with which the Venezuelan government is trying to avoid US sanctions. Therefore, this cannot entail the ban of other cryptocurrencies. The US President and the government of this state are trying to regulate the circulation of cryptocurrency in their own country and do not intend to ban it. Therefore, bitcoin and other cryptocurrencies are not yet in danger.

[gentlemand]

Venezuela’s cryptocurrency ban plan, Petro, is directed only against this state and its cryptocurrency, with which the Venezuelan government is trying to avoid US sanctions. Therefore, this cannot entail the ban of other cryptocurrencies.

The recent news about their central bank looking into using real crypto like BTC is rather more relevant and potentially menacing.

If the DPRK really are swimming in stolen, phished, mined and extorted Bitcoin I'd love to know how they manage to realise value from it as I've never heard a squeak about them getting nailed for it.

[stompix]

Can anyone point to one single Petro transaction anywhere? As far as I know it still doesn't exist.

Here you go
https://explorador.petro.gob.ve/tx/d510bbcfa0081f0865bf3ae667714006036fd58a1166d30c62793ceb1aab24f3

But I have no clue how this shitcoin works and I'm not planning to find out either.
Speaking of bs, and old article title:

Venezuela Seeks Miners for the Petro - Maduro Claims 860,811 Already Signed Up

If the DPRK really are swimming in stolen, phished, mined and extorted Bitcoin I'd love to know how they manage to realise value from it as I've never heard a squeak about them getting nailed for it.

China.
China helps NK get everything, either leaving smugglers to deal with them or via the front companies owned by the MSS when it comes to more delicate matters.

And while you might hear about dirty deals the US, UK or Russia make, the capital punishment in China keeps many lips sealed.

[Harlot]

This is just a news article trying to connect the dots that don't even exist yet. Like from what I have seen in the previous threads related to this the ban is the result of Petro being a state-owned cryptocurrency and they don't want to do anything associated with Venezuela since they already have a bad economy under them. Bitcoin or any other cryptocurrencies out there that are not state-issued/owned is totally different because they are decentralized. Aside from that they are already having further developments with cryptocurrencies from Bitcoin ETFs to even some of their states accepting crypto as a payment for tax. If that is what they are really planning then it would be a big step backwards on what they already have done for the industry.

[whyrqa]

Venezuela’s cryptocurrency ban plan, Petro, is directed only against this state and its cryptocurrency, with which the Venezuelan government is trying to avoid US sanctions. Therefore, this cannot entail the ban of other cryptocurrencies. The US President and the government of this state are trying to regulate the circulation of cryptocurrency in their own country and do not intend to ban it. Therefore, bitcoin and other cryptocurrencies are not yet in danger.

I believe that all countries that are on the sanctions list will be able to follow the example of Venezuela and start using cryptocurrency instead of the US dollar.  This could be a grand retreat that would entail very severe losses for the US economy if the dollar reduces its value in the most important markets in the world, and this is oil, gas and other valuable lots on the exchanges.

[Mpamaegbu]

According to this article, the Senate Bill 1025 will provide the blueprint on how to ban a cryptocurrency, and some think the ban will come all the way to bitcoin!
It is a scary thought and even though nobody can completely ban bitcoin, they may just cripple the ramps to it. You know, make it illegal and close down all the exchanges and such.

Don't get me wrong, I think Maduro can go to Dante's Hell.

But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.

You're absolutely right - Banning the Petro will definitely open the floodgates to banning the entire crypto industry in Venezuela. Besides, I think Donald Trump is even overstepping his bounds. The best he can do is place sanctions on Venezuela by withdrawing aids to the country, and not ban any country's "legal tender". Who the heck does Trump think he is?

[squatter]

Venezuela’s cryptocurrency ban plan, Petro, is directed only against this state and its cryptocurrency, with which the Venezuelan government is trying to avoid US sanctions. Therefore, this cannot entail the ban of other cryptocurrencies.

The recent news about their central bank looking into using real crypto like BTC is rather more relevant and potentially menacing.

That's the narrative being spun up by the article in the OP, but is it really plausible? Let's say the Maduro regime were dodging sanctions using gold -- what then? Will the US government ban gold possession and trade?

The US government to date seems cognizant of the implications of decentralization on legal standards. If they were to treat Bitcoin like the Petro, then all of a sudden any decentralized asset from oil to coffee to rhodium is now on the table to be banned.

If the DPRK really are swimming in stolen, phished, mined and extorted Bitcoin I'd love to know how they manage to realise value from it as I've never heard a squeak about them getting nailed for it.

Much of their external trading is done through black market channels with China, Japan and others. I don't think we would necessarily hear about it.