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Venezuela's PDVSA to Use USDT for Oil Transactions Amid US Sanctions
Apr 22, 2024, 09:29 PM
Venezuela's state oil company, PDVSA, is planning to significantly increase the use of the digital currency USDT (Tether) for its crude and fuel exports as U.S. sanctions are expected to be reimposed. The move aims to facilitate the continuation of oil sales without the risk of having revenues frozen in foreign bank accounts. PDVSA and its partners are required to complete transactions by the end of May to comply with the sanctions. This shift to cryptocurrency, specifically USDT which is pegged to the U.S. dollar, is part of a broader strategy to mitigate the impact of sanctions on Venezuela's oil sector.
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