Venezuelan oil companies accelerate their embrace of USDT
2024-04-22 21:25:30
Venezuela's state-owned oil company PDVSA plans to increase the use of digital currencies in its crude oil and fuel exports as the United States re-imposes oil sanctions on Venezuela, according to three people familiar with the matter. The US Treasury last week gave PDVSA's customers and suppliers until May 31 to end transactions. The move will make it harder for Venezuela to increase its oil production and exports, as companies will have to wait for individual authorizations from the United States to do business with Venezuela. PDVSA has been slowly adopting USDT, or Tether, in its oil sales since last year, with its value pegged to the U.S. dollar. The resumption of oil sanctions is accelerating the shift, the people familiar with the matter said, in a move to reduce the risk of sales proceeds being frozen in foreign bank accounts as a result of the sanctions.
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