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VisitVenezuela'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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Markets
No • 50%
Yes • 50%
Major global news outlets or energy sector analysis reports.
Yes • 50%
No • 50%
Official PDVSA press releases or verified financial transaction reports.
No • 50%
Yes • 50%
U.S. Department of the Treasury announcements or major international legal documents.
Opposed • 33%
Supportive • 33%
Neutral • 34%
International economic forums or global financial news coverage.
Decrease • 33%
Increase • 33%
Stable • 34%
Cryptocurrency market analysis reports or major financial news outlets.
More than 75% • 25%
50% to 75% • 25%
25% to 50% • 25%
Less than 25% • 25%
Official PDVSA financial statements or international oil trade monitoring reports.