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Venezuela's PDVSA to Increase USDT Use for Oil Sales by End of May Amid Sanctions
Apr 22, 2024, 07:45 PM
Venezuela's state oil company, PDVSA, is planning to increase the use of the digital currency USDT (Tether), which is pegged to the U.S. dollar, for its crude and fuel exports in response to the impending reinstatement of U.S. oil sanctions. The move is aimed at facilitating transactions and preventing the freezing of oil sales revenues in foreign bank accounts. PDVSA and its partners are required to complete these transactions by the end of May to comply with the sanctions.
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