Venezuela Adopts Crypto for Oil Amid U.S. Sanctions, DOJ Charges 10

Apr 23, 2024, 05:07 AM

The U.S. has reimposed economic sanctions on Venezuela's oil sector, prompting Venezuela to accelerate the adoption of digital currencies like Tether (USDT) for oil transactions to circumvent these restrictions. This move aims to prevent the freezing of oil sale revenues in foreign bank accounts. In response, the U.S. Justice Department has unsealed an indictment charging 10 individuals with conspiring to evade sanctions on Venezuela's state-owned oil company, PDVSA. Amidst these developments, Tether has expressed commitment to complying with Office of Foreign Assets Control (OFAC) regulations by freezing assets related to sanctioned entities.