Boost

Partner

Venezuela’s state-run oil company, PDVSA, is accelerating the shift of its oil sales to Tether to avoid the risk of having its revenues frozen in foreign bank accounts due to the U.S. reimposition of oil sanctions, as reported by <a href="https://www.reuters.com/business/finance/venezuela-accelerate-cryptocurrency-shift-oil-sanctions-return-2024-04-22/" target="_blank" rel="noreferrer noopener" data-wpel-link="external">Reuters</a>. 
The U.S. Treasury’s recent move hampers Venezuela’s oil business, requiring individual approvals for transactions until May 31. PDVSA has been shifting to USDT since last year, stabilizing payments against the U.S. dollar. 
Oil Minister Pedro Tellechea mentioned considering digital currencies for oil contracts. PDVSA now demands a 50% payment in USDT for spot oil deals. This shift follows a $21 billion corruption scandal linked to past crypto transactions. 
Under Tellechea’s leadership, oil exports surged to 900,000 barrels per day in March, the highest in four years. New clients must hold cryptocurrency, even for contracts not specifying USDT. 
Traders find PDVSA’s USDT requirement challenging without intermediaries due to compliance issues. Despite USDT’s stability, global oil transactions still rely on traditional currencies. PDVSA’s move reflects a broader trend towards digital currency adoption in global trade. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/04/21/ivorypay-tether-partner-to-boost-crypto-in-africa/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">Ivorypay, Tether Partner to Boost Crypto in Africa</a> 
</blockquote>

Venezuela PDVSA Speeds Oil Sales to Tether Amid US Sanctions

The Crypto Times

Other articles published on Apr 23, 2024

Zircuit Staking Soars Past $2B TVL In Only 2 Months

Victory Securities Unveils Next Big Thing In Spot Bitcoin & Ethereum ETF

PayPal’s Initiative Promotes Sustainable Bitcoin Mining

Bitcoin News: Whale Scoops 500 BTC Worth $33M, BTC Price Eyeing $70K

Opportunity? Crypto expert reveals massive Bitcoin buy price point

Solana Price Prediction as SOL Surges Past $160 – Time to Buy?

Join our free newsletter for daily crypto updates!