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Venezuela'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.