Venezuela's state-run oil company PDVSA is accelerating its use of digital currency, specifically USDT (Tether), for crude and fuel exports. This strategy, enacted in reaction to the reapplication of U.S. oil sanctions, aims to prevent the freezing of revenue in foreign bank accounts.

Claim

Name

Types

Claim

Quotes that support the claim

PDVSA since last year had been slowly moving oil sales to USDT, a digital currency also known as Tether whose value is pegged to the U.S. dollar and designed to maintain a stable value. The return of oil sanctions is speeding up the shift, a move to reduce the risk of sale proceeds getting frozen in foreign bank accounts due to the measures

An exclusive report from Reuters claimed that Venezuela’s state-run oil company, PDVSA, has been using cryptocurrencies to facilitate its crude oil and fuel exports. The country is facing new oil sanctions reimposed by the United

Related entities

Venezuela is accelerating its adoption of cryptocurrency to evade renewed oil sanctions

Sources

Tether vows to freeze assets after Venezuela looks to crypto to bypass oil sanctions

Exclusive: Venezuela to accelerate cryptocurrency shift as oil sanctions return

Subclaims

The U.S. Treasury Department has decided not to renew PDVSA's general license due to the lack of substantial electoral reforms in Venezuela, setting a deadline of May 31, 2024, for customers and suppliers to finish their transactions.

Topics

Voices from the field

Referenced by

The U.S. Treasury Department has decided not to renew PDVSA's general license due to the lack of substantial electoral reforms in Venezuela, setting a deadline of May 31, 2024, for customers and suppliers to finish their transactions.

Crypto

Claim