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VisitVenezuela's PDVSA to Use Tether for Oil Sales, Must Complete by May 31
Apr 22, 2024, 09:32 PM
Venezuela's state oil company PDVSA is planning to increase the use of the digital currency Tether (USDT), which is pegged to the U.S. dollar, in its crude and fuel exports in response to the reimposition of U.S. oil sanctions. The shift aims to facilitate transactions and avoid the freezing of revenues from oil sales in foreign bank accounts. This move is part of a broader acceleration of cryptocurrency adoption by the country as sanctions are set to return. PDVSA and its partners are required to complete transactions by May 31 to comply with these sanctions.
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Markets
Yes • 50%
No • 50%
Official PDVSA financial statements or announcements
No • 50%
Yes • 50%
Cryptocurrency market data platforms
No • 50%
Yes • 50%
U.S. Treasury announcements or major financial news outlets
Leads to stricter enforcement of sanctions • 33%
Has minimal impact on sanctions • 33%
Significantly undermines sanctions • 33%
Analyses from financial think tanks or international sanctions monitors
Maintain current payment methods • 33%
Adopt similar cryptocurrency strategies • 33%
Increase scrutiny or regulations on cryptocurrency use • 33%
Official government statements or major global financial news sources
$500 million to $1 billion • 25%
Under $500 million • 25%
$1 billion to $1.5 billion • 25%
Over $1.5 billion • 25%
PDVSA's trade reports or verified financial news