Venezuela Expands Cryptocurrency Use Amid Renewed US Oil Sanctions

IconCrypto News Terminal22 Apr, 2024

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Venezuela Expands Cryptocurrency Use Amid Renewed US Oil Sanctions

Venezuela's state-owned oil company PDVSA plans to expand its use of cryptocurrency for crude and refined product exports as the United States renews oil sanctions against the country. PDVSA has been using the stablecoin Tether (USDT) to settle oil payments since last year. The renewed US sanctions are prompting PDVSA to accelerate its adoption of USDT to mitigate the risk of having its funds frozen in foreign bank accounts. Previously on 16th May 2023, PDVSA announced plans to increase the use of cryptocurrency for oil payments in response to renewed US sanctions.