Venezuela Embraces Cryptocurrencies To Bypass US Sanctions

As per the latest report, Venezuela's state-run oil company PDVSA has stepped up measures to increase the use of digital currencies and stablecoins like Tether (USDT) for its crude and fuel exports amid the tightening U.S. sanctions on the country. PDVSA Mulls Use of Tether USDT Last week, the U.S. Treasury Department asked the customers

Venezuela's state-run oil company started experimenting with Tether in 2023.

A state-run oil firm is moving toward USDT to reduce the risk of U.S. sanctions freezing oil profits abroad, Reuters reported.

As a response to the renewed U.S. sanctions, Venezuela has intensified the use of digital currencies in oil transactions. PDVSA, the state oil company of the country, has been integrating cryptocurrency into its payment options for crude oil and fuel exports more and more in recent years with the goal of avoiding the freezing of

Venezuela's state-run oil company PDVSA plans to increase digital currency usage in its crude and fuel exports as the U.S. reimposes oil sanctions on the country, three people familiar with the plan said.